National Report
Monday, January 15th, 2001 Catastrophe Liability Property Risk ManagementFor the first nine months of 2000, the U.S. property/casualty industry‘s net income after taxes dropped 5 percent to $16.5 billion from $17.4 billion in the period a year ago, according to data compiled by Insurance Services Office and the National Association of Independent Insurers. The $0.9 billion drop reflects poor underwriting results that negated faster premium growth and lower catastrophe losses. The combined ratio of losses and other underwriting expenses per dollar of premium was the worst for any nine-month period since 1994, when the Northridge earthquake caused $12.5 billion in losses, according to John Kollar, ISO‘s vice president for consulting and research. "But catastrophe losses did not drive the deterioration in this year‘s underwriting results," he said.
