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U.S. property/casualty insurers' net income falls nearly 72%

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U.S. property/casualty insurers' net income falls nearly 72%

U.S. property/casualty insurers' net income fell 71.6% to $4.76 billion in the first half of 2011 compared with the same period in 2010, according to an analysis released by two property/casualty industry groups.

According to the analysis by the Insurance Services Office Inc. and the Property Casualty Insurers Assn. of America that was released Friday, insurers suffered a net underwriting loss of $24.1 billion during the first six months of this year compared with an underwriting loss of $5.1 billion during the same period in 2010.

The industry's first-half combined ratio deteriorated to 110.5%.

“The deterioration in underwriting results is largely attributable to a spike in net losses and loss adjustment expenses” from catastrophes, the groups said in the analysis. “ISO estimates that insurers' net LLAE from catastrophes in first-half 2011 totaled $23.9 billion, up from $8 billion in first-half 2010.”

Insurers' net written premiums for the period grew modestly, up 2.6% from the year earlier to $218.79 billion.

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