Property/Casualty Insurance Industry’s Net Income Doubles to $17.1 Billion in First-Quarter 2018
JERSEY CITY, N.J., July 12, 2018 — Private U.S. property/casualty insurers saw their net income after taxes more than double to $17.1 billion in first-quarter 2018 from $7.9 billion in first-quarter 2017, helped by lower catastrophe losses and increased reserve releases, according to ISO, a Verisk (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America (PCI). Losses and loss adjustment expenses from catastrophes dropped to $5.0 billion in first-quarter 2018 from $7.7 billion a year earlier. Favorable reserve development totaled $7.4 billion, compared with $5.5