Property/casualty insurers saw a steep decline in net underwriting losses during 2003, sending the industry‘s net income surging nearly 10 times higher than the year before, according to new industry data.
Net income after taxes climbed to $29.9 billion during 2003, compared with $3 billion in 2002, according to a report by the Insurance Services Office Inc. and the Property Casualty Insurers Association of America. Operating income jumped to $33.7 billion from $5.6 billion the prior year.
The figures are consolidated estimates for all private property/casualty insurers based on reports that account for 96% of all business written by U.S. companies, ISO and PCI said in a statement.
The primary driver of net income was an 85% decline in net losses on underwriting.
