US property and casualty insurers are “extremely well capitalised” and likely to remain that way, according to Insurance Information Institute President Robert Hartwig.

The industry’s capital stood at a record $US608 billion ($658.74 billion) at the end of March.

“The growth in the industry’s capital base occurred despite the fact insurers paid out nearly $US70 billion ($75.84 billion) in catastrophe-caused claims over the prior two years,” Dr Hartwig said.

“The fact the industry was able to meet its financial obligations after [Superstorm] Sandy, and enter [this year] in such a strong financial position, is continued evidence of the property and casualty insurance industry’s remarkable resilience in the face of extreme adversity.”

He says the industry is “financially prepared” to pay any claims arising from natural disasters this year – with a worse than average hurricane season expected – and beyond.