We may be just over halfway through 2015, but a report co-authored by the Property Casualty Insurers Association of America (PCI) shows that the industry has already hit a record high this year. According to a PCI press release, the industry saw a higher net income after taxes during the first three months of 2015 than it has in nearly 30 years.
As the statement describes, the year over year difference between Q1 income for 2015 and the previous year is about $4.3 billion. The report attributes this change in part to two separate increases in operating income and realized capital gains, as well as policyholder surplus amounts being down after setting a record rate last year of more than $674 billion.
This trend is paralleled by other upticks in the same timeframe. The amount of earned premiums during this month grew by 3.7 percent compared to its 2014 level, and net underwriting gains nearly doubled from $2.4 billion in 2014 to $4.1 billion this year.
In the statement, PCI senior vice president for policy development and research Robert Gordon summarized the changes noted in this report.
"Property/casualty insurers had a strong first quarter, underscoring strong capital levels, competitive markets, underwriting disciplines, and business competencies," he said. "These results, partially attributable to mild catastrophic losses, have insurers well positioned to continue to provide the necessary financial security for their policyholders as we move farther into yet another uncertain hurricane season."
Having skilled insurance claims adjusting professionals available to estimate a wide range of damages is essential to handling policyholder claims quickly. BrightClaim adjusters can help carriers improve their client relationships by quickly and competently evaluating property and contents claims resulting from storms.