A.M. Best Special Report on First Quarter 2006 U.S. Property/Casualty Results.OLDWICK, N.J. -- The U.S. property/casualty industry's underwriting income Underwriting income For an insurance company, the difference between the premiums earned and the costs of settling claims. improved 21.0% to $8.3 billion in first quarter 2006 from $6.8 billion in first quarter 2005, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new special report by A.M. Best Co. Accordingly, the industry's combined ratio, a key measure of underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. profitability, improved to 91.2 % from 92.3% reported in first quarter 2005. The improved underwriting results were a result of prudent underwriting practices and sound risk management as well as a decreased amount of catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). losses reported in first quarter 2006. Demonstrating the fundamental strength of the U.S. property/casualty industry, first quarter operating results rebounded rather nicely from 2005 year-end results. While A.M. Best recognizes first quarter 2006 as a strong one for the industry, this period is usually quiet with regards to loss-reserve development and the impact of catastrophe losses. With the anticipation of another active hurricane season Hurricane season refers to a period in a year when hurricanes usually form. For more information see: Tropical cyclone#Times of formation. For a lists of past seasons, see:
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