P/C Insurers Post Improved Results
Tuesday, December 17th, 2002 Liability PropertyThe U.S. property/casualty industry‘s net income surged to $9.3 billion in the first nine months of 2002, compared with a $2.6 billion net loss a year earlier, according to the Insurance Services Office Inc. and the National Assn. of Independent Insurers. Growth in premiums and lower catastrophe losses were the main factors in the industry‘s improved results. Net written premiums for the nine-month period increased 13.6% to $279.8 billion. Property/casualty insurers‘ combined ratio, after dividends, for the period improved to 104.9% from 114.4% in the year-earlier period. The industry‘s investment income declined in the first nine months of this year, and $28 billion of unrealized capital losses reduced the industry‘s surplus by 2.8% to $273.3 billion during the nine months ending Sept. 30, compared with the same period in 2001.
