Expect Improvement in 2004 Profitability

Leaders of the property/casualty insurance industry expect an improvement in profitability for 2004 compared with last year, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its eighth annual Property/Casualty Insurance Joint Industry Forum, held in New York City on Jan. 13. NAMIC was one of twelve co-sponsors of the event. Executives in the p/c industry are optimistic that their industry is on the road to recovery. Eighty-two percent of survey respondents expect 2004 to be more profitable than last year, as measured by the combined ratio, a percentage of each premium dollar a p/c insurer spends on claims and expenses. The combined ratio for 2003 is estimated at 101.