Property, casualty insurers hit by catastrophe losses
U.S. property and casualty insurers’ net income during the first quarter of 2016 dropped 24 percent from first-quarter 2015 to $18 billion, according to a report released Wednesday by A.M. Best Co. Inc., Business Insurance reported. The industry posted an underwriting gain of $2.1 billion for the quarter, down 46.2 percent from a year ago. Best said the results were driven by the highest level of first-quarter catastrophe losses since 2011. It said catastrophe losses for the first quarter of 2016 reached $5.1 billion, based on A.M. Best’s Quarterly Underwriting Survey. Net investment income and realized gains also declined 4.2 percent to 11.1 billion, while realized capital gains dropped 47.5 percent to $2.5 billion. Net written premiums, however, rose 3.4 percent year-over-year to $131.2 billion.
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