Sound risk management allowed U.S. property/casualty insurers to grow earnings to $43bn and boost capital to $427.1bn in 2005 despite record catastrophe losses, according to two industry trade groups.
The insurance industry's net income rose by 11.7% after tax to $43bn in 2005, from $38.5bn in 2004, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America.
The industry's consolidated surplus grew by 9.2% or $35.8 bn, to $427.1bn last year, compared with $391.3bn in the prior-year period, the groups said in a statement.
The figures—which are estimates for all private property/casualty insurers, rose despite an increase in direct insured property losses to a record $57.7bn as a result of catastrophes.
Michael R. Murray, assistant vp for financial analysis at ISO, said: "The insurance industry's financial results for 2005 attest to insurers' risk management and, in particular, their use of reinsurance to spread risk globally."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
