P/C Insurers Hit With $4.7B Underwriting Loss in 2016

Private property and casualty insurers in the U.S. suffered a $4.7 billion net underwriting loss in 2016 -- following an $8.9 billion net underwriting gain in 2015 -- and experienced a 25% drop in net income after taxes. The insurers’ net income dropped to $42.6 billion in 2016 compared to $56.8 billion a year earlier, according to a new report from ISO, a Verisk Analytics business, and the Property Casualty Insurers Association of America. Insurers' combined ratio deteriorated to 100.7% last year compared to 97.8% in 2015. Net written premium growth slowed to 2.7% in 2016 fro...