ISO Says 2Q P/C Industry Net Rose to $23.5B

The U.S. property/casualty insurance industry's net income after taxes rose to a record $23.5 billion in first-half 2004 from $14.5 billion in first-half 2003, as both underwriting and investment results improved. Reflecting the industry's income and unrealized capital gains on investments, its surplus, or statutory net worth, increased 6.8 percent to $370.4 billion at June 30 from $347 billion at year-end 2003, according to ISO and the Property Casualty Insurers Association of America (PCI). The industry's income in first-half 2004 surpassed its income during any other six-month period, bo...