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RECORD FIRST-HALF PROFITS AND SURPLUS BOOST PROPERTY/CASUALTY
INSURERS’ ABILITY TO COVER HURRICANE CLAIMS
JERSEY CITY, N.J. — The U.S. property/casualty insurance industry’s
net income after taxes rose 29.1 percent to a record $30.9 billion in
first-half 2005 from $23.9 billion in first-half 2004. Reflecting the
industry’s income, its consolidated surplus, or statutory net worth,
increased 4.7 percent to $412.5 billion at June 30 from $393.8 billion
at year-end 2004, according to ISO and the Property Casualty Insurers
Association of America (PCI).
The industry’s strong performance in first-half 2005 could not have
come at a better time for insurers now facing billions and billions of
dollars in insured losses from Hurricanes Katrina and Rita.
Please note the full text of the first half of 2005†commentary from
I.I.I.'s Chief Economist Dr. Robert Hartwig, is available on the I.I.I.
Web site at:
http://www.iii.org/media/industry/financials/2005firsthalf/
last updated:
October 7, 2005
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Diversified Risk Insurance Brokers
phone: 510/547-3203 fax: 510/547-5648
5900 Christie Ave
License # 0529776
Emeryville, California 94608
copyright © 2001
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