Report: P/C insurers posted an underwriting profit in Q1

Property/casualty insurers' underwriting income was $4.6 billion and net income increased to $14.4 billion in the first quarter, according to a report from PCI and ISO, which is part of Verisk Analytics. The results were "propelled chiefly by growth in premiums, a reduction in catastrophe losses and favorable prior-year reserve development," said Insurance Information Institute President Robert Hartwig. The industry also posted $607.7 billion in policyholders' surplus, which "underscores that insurers are strong, well-capitalized and well-prepared to pay future claims," said Robert Gordon of PCI.

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