Net Underwriting Income Up 24% in Q1
A new report from AM Best & Co. shows a 24 percent year-over-year increase in net underwriting income for the U.S. property and casualty industry to $4.16 billion in the first quarter of 2019. Net premiums written declined 2.3 percent to $142.46 billion, but net premiums earned rose 3.9 percent to $139.67 billion, helping to offset a 5.4 percent increase in losses and loss-adjustment expenses. The report indicated that, over the same period, the industry’s combined ratio weakened 1.3 points to 96.5 percent from 95.2 percent, and net investment income increased $1.4 billion. Further, the industry surplus edged up 4.9 percent from the end of 2018 to $769.52 billion.