- The U.S. property/casualty industry’s net premiums written receded for an unprecedented 10th consecutive quarter, falling 1.2% to $105.8 billion through first-quarter 2010, amid sustained competitive market conditions in most commercial lines, weak exposure growth, excess capacity and growth in alternative forms of risk transfer.
- The industry’s combined ratio improved by 1.2 points to 101.0 in the three months ended March 31, 2010, primarily reflecting favorable reserve development on prior accident years and significant but reduced losses in the mortgage and financial guaranty segments.
- Improved underwriting and investment results, along with a significant capital contribution in the U.S. reinsurance segment, drove the U.S. property/casualty industry’s policyholders’ surplus up by 24.4% to $545.5 billion for the 12 months ended March 31, 2010.
- Overall profitability measures improved, with the industry’s after-tax return on equity at 2.3% for the 12 months ended March 31, 2010, up from -0.2% for the 12 months ended March 31, 2009.