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US P&C insurers log $4.7B net underwriting gain on significant premium growth

A rare decline in overall losses and loss adjustment expenses and significant premium growth helped private U.S. property/casualty insurers achieve a $4.7 billion net underwriting gain in the first nine months of 2018, according to ISO and the American Property Casualty Insurance Association.

The $4.7 billion net underwriting gain during the first nine months of 2018 marks a sharp turnaround from a $21.0 billion net underwriting loss in the year-ago period.

A $13.1 billion decline in net losses and loss adjustment expenses from catastrophes led to a 0.5% decrease in overall losses and loss adjustment expenses to $310.2 billion in the first nine months of 2018.

Net written premiums increased by 11.4% to $468.8 billion in the first nine months of 2018, partly due to organic premium growth and changes in the reinsurance agreements of several insurers.

Net investment income climbed to $40.9 billion in the first nine months of 2018 from $35.4 billion in the prior-year period. Large dividends from insurers' subsidiaries that do not operate in the property and casualty insurance sector had a significant impact on net investment income growth in the nine-month period of 2018.

Overall, U.S. property/casualty insurers logged $49.5 billion of net income after taxes in the first nine months of 2018, more than double the $22.4 billion reported in the prior-year period.

ISO is a business of Verisk Analytics Inc.