The overall insurance industry had a terrific year in 2006.

Read "insurance industry" as the US property-casualty industry, the context of the claim. A terrific year means a clear underwriting profit (combined ratio well below 100) together with record or near-record net income or return on surplus. True: industry data for 2006 show both. Mostly true: the industry had a clearly strong year with an underwriting profit, but results were not record or near-record. Mixed: results were profitable but unremarkable, with a combined ratio near 100. Mostly false: 2006 was weak, but some segments did well. False: the industry had an underwriting loss and poor earnings in 2006.

Set before the research began.

1. E1 2006 - Year End Results - Triple-I® Insurance Information Institute (Triple-I) · 18 April 2007

   “The property/casualty insurance industry reported an annualized statutory rate of return on average surplus of 14.0 percent in 2006, up from 10.8 percent in 2005 and the best result since 1987. The industry also turned in its best underwriting performance since 1949, with a combined ratio of 92.4.”

2. E2 Another report details property/casualty insurers' 2006 profitability, escape from storms Insurance Journal · 7 May 2007

   “The rate of return for 2006 was the highest since 1986, when it equaled 15.1 percent, but it remained well below the record 23.1 percent statutory rate of return for 1977.”

3. E3 A look behind the very good P/C results for 2006 Insurance Journal · 26 February 2007

   “In terms of dollars, yes, the industry did generate record in terms of dollars of profit in 2006.”

4. E4 A look behind the very good P/C results for 2006 Insurance Journal · 26 February 2007

   “The combined ratio we estimate to be about 94 for the year. That would be the best result since 1955.”

E1 reports that in 2006 the US property/casualty industry had a combined ratio of 92.4, its best underwriting result since 1949, and a 14.0 percent return on average surplus, the best since 1987. E3 says the industry made record profits in dollar terms in 2006. E2 notes that the return on surplus was still well below the 1977 record, but the criteria accept record net income as an alternative, and the dollar profit was a record. Together these meet both conditions for "true": a clear underwriting profit and record earnings.