The US reinsurance sector’s combined ratio improved to 94.1% from 95.4% for the first nine months of the year, according to the Reinsurance Association of America’s latest quarterly report.

But the association’s survey of 21 leading reinsurers, including Munich Re America, QBE Reinsurance and Swiss Reinsurance America, reveals an 8.4% decline in the industry’s net written premiums, to $US17.94 billion ($20.44 billion).

The industry’s loss ratio was 65.6% and the expense ratio 28.5%.