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.