(by Peter Van Bruggen)

Net income after taxes for the U.S. property/casualty insurance industry hit the record highs of $23.52 billion during the first half of the year, the Insurance Services Office Inc. and the Property Casualty Insurers Assn. of America data showed.

Net income of the industry reached 60% highs as compared with the previous year with the figures of $14.5 billion for the first six months of 2003. Property/casualty earned more 6.8% to $370.43 billion in the year ended June 30 against $347 billion of the same period in the previous year.

First half net written premium added 4.6% to $212.12 billion from $202.83 billion in 2003.