US property/casualty underwriting income rises: Best

Net underwriting income for the U.S. property/casualty industry increased 12.7% in the first nine months of 2019 to $4.5 billion, according to a report released Friday by A.M. Best Co. Inc.

Net premiums written rose 2.6% to $474.6 billion, and net investment income rose 2.6% to $42.8 billion during the first nine months of 2019, according to the report, First Look: 9-Month 2019 Property/Casualty Financial Results.

The combined ratio for the property/casualty industry in the first nine months of 2019 worsened to 98.0%, Best said, compared with 97.5% in the prior-year period.

Industry net income slipped 0.2% to $49.5 billion.

Industry surplus increased 9.5% from the end of 2018 to $821 billion, the report said.

Report data is derived from companies’ nine-month 2019 interim statutory statements received as of Nov. 19, representing an estimated 97% of the total property/casualty industry’s net premiums written, Best said.