US property and casualty reinsurers have recorded a combined ratio of 95.1% for the first nine months of the year, as margins improved from 104.2% for the same period last year.

Reinsurers issued $US18.7 billion ($20.4 billion) in net written premium for the period, down from $US19 billion ($20.7 billion) last year.

Figures from the Reinsurance Association of America show that investment income rose to $US4.7 billion ($5.1 billion) from $US4.5 billion ($4.9 billion) previously.

The reinsurance loss ratio improved to 64.8% from 75% last year, reflecting lower catastrophe losses.