Press Release - AUGUST 23, 2018
Best’s Special Report: Preliminary First-Half 2018 Results Show Improvement in Underwriting Income for U.S. P/C Industry
FOR IMMEDIATE RELEASE
OLDWICK - AUGUST 23, 2018
The first-half 2018 underwriting results were driven by growth in net premiums written of 13.3% over the prior-year period, which offset a 3.8% increase in losses and loss adjustment expenses (LAE) incurred, a 12.9% rise in underwriting expenses and a 10.1% increase in policyholder dividends. With a more normalized level of catastrophe losses in first-half 2018, the industry’s combined ratio improved 4.5 points from the prior-year period to 96.4, the lowest six-month period combined ratio for the last five years.
The property/casualty industry also recorded a $3.7 billion increase in net investment income and a $2.0 billion increase in realized capital gains. Coupled with the strong underwriting improvement, these items boosted industry net income to $33.6 billion, an $18.7 billion increase from the prior-year period.
To access a copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=277318 .
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry.