P/C Industry's Net Worth Drops

Saturday, January 15th, 2000 Liability Property

The U.S. property/casualty industry's surplus fell by $9.9 billion during the first nine months of 1999, according to Insurance Services Office and the National Association of Independent Insurers. After taxes, the industry's net income through the third quarter of 1999 fell to $17.7 billion, down $5.6 billion, or 24.1 percent, from the $23.3 billion figure reported for the same period in 1998. "Two factors stand out in the nine-month results," said Robert P. Hartwig, vice president and chief economist for the Insurance Information Institute in New York. "The 51.8 percent surge in net underwriting losses and the $9.9 billion decline in surplus since year-end 1998."

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http://www.claimsmag.com/issues/jan00/pandc.asp

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