Private U.S. property-casualty insurers’ net income fell 71%, fueled in large part by losses from catastrophes.

Allstate Insurance Co. is urging New York lawmakers to find ways to combat the growing number of no-fault insurance frauds that trade groups say cost drivers more than $200 million last year.

Private U.S. property-casualty insurers saw their net income, after taxes, rise to $34.7 billion last year, an increase from the $28.7 billion from the prior year.

Subjecting property-casualty insurers to bank-style regulation would increase insurance costs for consumers and penalize insurance companies for the sins of other entities within the broader financial services arena, according to an industry economist.

Previous talk about the extinction of the insurance agent should be put aside, an industry expert said, noting the resilience and adaptability of producers in response to new technology.

With the backdrop of the devastation in Haiti fresh in people’s minds, New York insurance regulators are not ruling out a similar event in their own state, a key reason they say insurers should promote the opportunity to buy coverage for such a devastating occurrence.

Citing rising fraud and rising insurance costs in his home state, New York Sen. Charles E. Schumer is proposing a bill to impose federal penalties against those who commit auto insurance fraud.

Several insurance trade groups spoke to New York legislators about the need for no-fault auto insurance reform as state residents deal with record increases, spurred by an “epidemic” of fraud.

The hurricane season that ended Nov. 30 was the calmest in 12 years, according to a national insurance research organization.

No-fault payments for medical care for New York accident victims rose 56% in the second quarter, leading one state insurance group to seek reform in the state’s laws.