P-C Income Surged For ‘03 First Three Qtrs
Tuesday, December 23rd, 2003 Liability PropertyThere is growing concern that slowing premium growth could undermine gains made during the first three quarters of 2003, according to a joint report released by the Insurance Services Office Inc. and the National Association of Independent Insurers. The latest industry figures from Jersey City, N.J.-based ISO and NAII, headquartered in Des Plaines, Ill., shows that the U.S. property-casualty industry enjoyed a robust recovery during the first three quarters of 2003, but now there is a growing concern that slowing premium growth could undermine further progress in 2004. The p-c industry‘s after-tax net income, according to the two groups, came in at $21.1 billion for 2003‘s first nine months, representing a 320 percent improvement from the $5 billion in net profit reported over the same period in 2002.
