U.S. property and casualty insurers report huge rebound in Q1 net income

Private U.S. property and casualty insurers’ saw net income rebound to $8.9 billion in 2010 Q1, a marked improvement from the net loss of $1.3 billion in the same period of 2009, according to the Insurance Services Office.
This return to profitability was despite continuing declines in both written and earned premiums.
Net written premiums dropped $1.4 billion to $105.1 billion for 2010 Q1. Net earned premiums declined $2.8 billion to $102.8 billion for the quarter.
The combined ratio for the sector improved to 101.1% in 2010 Q1 from 102.2% in 2009 Q1.
Insurers’ net investment gains more than tripled in the Q1, from $3.7 billion in 2009 Q1 to $12.6 billion in 2010 Q1.