U.S. property-casualty insurers saw net income rise 20 percent in 2010 to $34.7 billion (compared to $27.7 billion in 2009). Those gains, however, were mostly due to positive investment returns, according to ISO and the Property Casualty Insurers Association of America (PCI). Net losses on underwriting tripled from about $3 billion in 2009 to $10.4 billion last year.
According to preliminary numbers from the National Association of Insurance Commissioners, the overall loss ratio (amount paid out in claims compared to premiums received) for auto insurers last year was 64.74 percent, almost identical to 2009 and only slightly higher than 2008’s 63.71 percent.
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