1st Qtr Combined Ratio Improved
Tuesday, June 24th, 2003 Liability PropertyThe property-casualty insurance industry‘s loss and expense ratio picture improved by 2.6 points in the first quarter, two separate sources reported yesterday. A joint report from Insurance Services Office, Inc. and National Association of Independent Insurers and a separate study by A.M. Best Company both made that finding for the combined ratio measuring loss and underwriting expenses against each dollar of premium. ISO and NAII said the first-quarter ratio improved to 99.5 and Best said it went to 99.7 for the strongest underwriting performance in five years. ISO, based in Jersey City, N.J. and NAII in Des Plaines, Ill. said the industry‘s first quarter net income was up 20.6 percent to $6.4 million from $5.3 billion during the comparable period in 2002. Better underwriting results and investment gains were the impetus, they said.
