Underwriting results pushed property/casualty insurers' 2012 net income to $33.5 billion, a 72.3% increase from 2011, according to a study by PCI and the Insurance Services Office. The sector's combined ratio for last year fell to 103.2 from 108.1 the prior year, the study found. "Much of the improvement in underwriting results last year reflects improvement in the underlying fundamentals of the property/casualty business as opposed to lower weather-related catastrophe losses," PCI's Robert Gordon said in a statement.

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