U.S. P/C Insurers See Profits Jump
Tuesday, June 24th, 2003 Liability PropertyProfits for U.S. property/casualty insurers jumped to $6.4 billion in the first quarter of 2003, a 20.6% increase over the same period in 2002, according to the Insurance Services Office Inc. and the National Assn. of Independent Insurers. Insurers reported earned premiums of $93.6 billion for the first quarter of 2003, a 13.6% increase over the 2002 first quarter, according to Jersey City, N.J.-based ISO and Des Plaines, Ill.-based NAII. The figures are consolidated estimates based on the results of insurers that account for 96% of U.S. property/casualty business, according to the organizations. Net underwriting losses fell 59.9% to $1.5 billion, and investment income fell 0.3%, to $9 billion. The insurers‘ combined ratio for the first quarter improved to 99.5%, compared with 102.2% in the first quarter last year.
