A.M. Best Statistical Study: Catastrophes Propel Property/Casualty Insurers to Losses
Publication Date: January 9, 2006
Advisen -- Insurance Market
Source: Business Wire
"OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 9, 2006--Despite the solid results posted for the first half of 2005, the U.S. property/casualty industry recorded an underwriting loss of $2.8 billion through September 2005, down from the $13.3 billion profit the industry experienced in the first six-months of 2005, according to a recent study by A.M. Best Co. The underwriting loss is primarily due to third-quarter U.S.-insured catastrophe losses that contributed to an estimated total of $31.7 billion through the first nine months of 2005, the industry's worst nine-month period ever. This underwriting loss also represents a $6.2 billion change of direction when compared with the results reported during the comparable period of 2004, when the industry turned a $3.4 billion profit..."
Advisen -- Insurance Market
Source: Business Wire
"OLDWICK, N.J.--(BUSINESS WIRE)--Jan. 9, 2006--Despite the solid results posted for the first half of 2005, the U.S. property/casualty industry recorded an underwriting loss of $2.8 billion through September 2005, down from the $13.3 billion profit the industry experienced in the first six-months of 2005, according to a recent study by A.M. Best Co. The underwriting loss is primarily due to third-quarter U.S.-insured catastrophe losses that contributed to an estimated total of $31.7 billion through the first nine months of 2005, the industry's worst nine-month period ever. This underwriting loss also represents a $6.2 billion change of direction when compared with the results reported during the comparable period of 2004, when the industry turned a $3.4 billion profit..."
posted by AVRECO at 9:29 AM
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