US property/casualty Q1 net premiums written grow 15.2%: Best

The U.S. property/casualty sector saw 15.2% growth in net premiums written during the first quarter of 2018, offsetting a 3.1% increase in losses and loss adjustment expenses, according to a report from A.M. Best. Co. issued Wednesday.

The first-quarter combined ratio improved to 94.8% from 99.7% in the year-ago period. Best estimated that catastrophe losses accounted for 3.4 points of the first-quarter combined ratio, down from an estimated 6.0 points in the same period last year.

First-quarter net income more than doubled to $17.40 billion from $7.40 billion in the year-ago period.

Net investment income rose 4.9% to $12.4 million from $11.8 billion a year ago.

Data in the report is from companies whose three-month 2018 interim period statutory statements were received as of May 17, 2018. These companies account for an estimated 95% of total industry net premiums written, Best said.