Investment Woes Mar Better Picture For P-C Underwriting
A lower level of underwriting losses was one of several bright spots in the earnings picture for property-casualty insurers, but the industry still reported a net income decline of 7.3 percent to $5.1 billion for first-quarter 2002.
“These are the types of underwriting numbers that the industry needs” to record in the current investment environment if it expects to achieve rates of return anywhere near those historically posted by Fortune 500 companies, said Robert Hartwig, senior vice president and chief economist for the Insurance Information Institute in New York.
The industry's net loss on underwriting declined 38 percent to $3.8 billion in first-quarter 2002, according to figures jointly released by the Jersey City, N.J.-based Insurance Services Office Inc. and the National Association of Independent Insurers in Des Plaines, Ill.
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