Investment Dips Impede P&C Recovery
Tuesday, December 17th, 2002 Liability SubrogationThe first nine months of the year saw property-casualty insurers reverse a net loss for the period in 2001, but carriers‘ net worth was driven down by poor investment returns, two industry groups reported today. The findings were reported by the Insurance Services Office, Inc. in Jersey City, N.J., and the National Association of Independent Insurers in Des Plaines, Ill. Net income for the industry in the United States reached $9.3 billion after taxes through nine months, contrasting with a $2.6 billion net loss through nine months of 2001. ISO and NAII said the industry‘s surplus, or net worth, fell 5.6 percent to $273.3 billion as of Sept. 30, from $289.6 billion at year-end 2001, as a result of capital losses on investments. Net written premiums for the first nine months 2002 rose 13.6 percent versus year-ago levels to $279.8 billion.
