THE GENERAL INSURANCE

American property and casualty insurance companies returned a profit in the first quarter of this year despite a decline in premiums, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCIAA). COMPREHENSIVE INSURANCE

The industry’s net income after taxes totaled $8.9 billion, compared to a negative $1.3 billion one year earlier. Overall profitability rose to 6.7 percent in the first quarter from a negative 1.2 percent in first quarter 2009. GAP INSURANCE.
Meanwhile, first-quarter net written premiums dropped 1.3 percent to $105.1 billion from first quarter 2009, and net earned premiums fell 2.7 percent to $102.8 billion.
The boost in profitability stemmed from insurers' net investment gains and improved underwriting results. SPRINT INSURANCE. Net investment gains more than tripled to $12.6 billion in first-quarter 2010, compared to first-quarter 2009, while net losses on underwriting fell by 29.6 percent to $1.8 billion.
Prepared for hurricane season
PCIAA President and CEO David Sampson says the numbers show insurance companies are fiscally sound and provide extra confidence that they will be able to fulfill their obligations in this year's hurricane season. ZURICH INSURANCE.
Still the industry faces challenges, notes Michael Murray, ISO's assistant vice president for financial analysis. "Written premiums have declined for an unprecedented 12 consecutive quarters, and the industry's 6.7 percent annualized rate of return for first-quarter 2010 was 3.5 percentage points less than the 10.3 percent average annualized first-quarter rate of return based on data extending back to 1986."

Title Post: THE GENERAL INSURANCE
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