Property/Casualty Insurance Industry’s Net Income Drops 42.2 Percent in First-Quarter 2017
JERSEY CITY, N.J., June 26, 2017 — The private U.S. property/casualty insurance industry saw its net income after taxes drop to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016—a 42.2 percent decline—and its overall profitability as measured by its annualized rate of return on average policyholders’ surplus fall to 4.4 percent from 7.9 percent, according to ISO, a Verisk Analytics (Nasdaq:VRSK) business, and the Property Casualty Insurers Association of America (PCI). The industry experienced $7.3 billion in direct catastrophe losses—the highest first-quarter