The combined profit of US private property and casualty insurers rose last year despite a soft underwriting market.

The 2010 survey by the Insurance Services Office (ISO), Insurance Information Institute and Property Casualty Insurers Association of America recorded net income of $US34.7 billion ($31.7 billion), up 21% on 2009.

Net losses on underwriting grew to $US10.4 billion ($9.5 billion) from $US3 billion ($2.7 billion) and the combined ratio rose to 102.4% from 101%.

ISO VP Michael Murray says US insurers face “substantial headwinds” in underwriting, with prices yet to firm in many commercial classes.