Insurers Profit Cushions Superstorm Sandys Blow
Improvements in underwriting results that helped boost insurers pretax operating income, combined with increases in net income and a record policyholder surplus, will provide needed financial support to cover Sandy-related losses.
INN Breaking News, December 28, 2012
Well ahead of superstorm Sandy’s wrath, private U.S. property/casualty insurers' net income after taxes grew to $27 billion in the first nine-months of 2012 from $8.4 billion in the same nine-months of 2011, with insurers' overall profitability, measured by their annualized rate of return on average policyholders' surplus, climbing to 6.3 percent from 2 percent. This is further validation that the property/casualty industry is prepared to deal with Sandy-related losses.
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