The U.S. property-casualty industry reported a 20% increase in operating profits in 2005 in spite of record catastrophic losses, according to a new special report by A.M. Best Co.
Net income improved to $48.4 billion, driven by solid investment returns, along with prudent underwriting practices and sound risk management implemented throughout the industry, Best said.
"In the midst of softening market conditions and significant catastrophe losses, the industry continued to improve its capital base as a result of another solid year of operating performance," the report said. "Although an und...
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