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Net underwriting income for the U.S. property/casualty industry in the first three months of 2019 rose 24.0% from the prior year period to $4.16 billion, according to a report from ratings agency A.M. Best & Co. on Tuesday.
Net premiums written declined 2.3% to $142.46 billion but net premiums earned increased 3.9% to $139.67 billion, helping to offset a 5.4% increase in losses and loss-adjustment expense, according to Best’s First Look – 3 Month 2019 Property/Casualty Financial Results.
The industry’s combined ratio weakened 1.3 points from the prior year period to 96.5% from 95.2%, Best said.
Net investment income was up $1.4 billion over last year and the industry surplus increased 4.9% from the end of 2018 to $769.52 billion, data showed.
Data is derived from companies’ three-month 2019 interim statutory statements that were received as of May 17, 2019, representing an estimated 92% of the total property/casualty industry’s net premiums written, Best said in a statement with the report.
Qatar Insurance Company Q.S.P.C. plans to selectively write new business and shift to low risk lines as part of its plans to boost returns and reduce volatility, The Royal Gazette reported. The insurer's net profit grew more than 15% year over year to $75 million while gross written premiums remained nearly flat at $969 million in the first quarter.