Catastrophe-related losses experienced by the U.S. property/casualty (P/C) industry through the first nine months of 2011 have nearly doubled total year-end 2010 losses, according to the latest estimates from A.M. Best Co.
The estimated total net pretax accident-year catastrophe-related losses during the first nine months of 2011 were $38.6 billion, up $22.5 billion, or 140 percent, from an estimated $16.1 billion reported during the same period a year ago.
Total net pretax accident year catastrophe-related losses in 2010, according to A.M. Best, were an estimated $19.6 billion.
A.M. Best said it believes the P/C industry has the capital to effectively absorb the losses, but notes that impact from natural catastrophes during the first nine months of the year is material to the industry from an earnings perspective.
Topics USA Catastrophe Carriers Profit Loss Property Casualty
Was this article valuable?
Here are more articles you may enjoy.
Florida’s Ailing $6 Billion Rail Line Has Debt Vultures Circling 
US Efforts to End Iran War Stumble as Ship Seized Near UAE 
Florida, Louisiana Insurer Safepoint Reveals 97% Revenue Surge in IPO filing 
Ex-NFL Player Sentenced to 16 Years in Prison for $200M Medicare Fraud Scheme 
