Investment Woes Mar Better Picture For P-CUnderwriting
A lower level of underwriting losses was one of several brightspots in the earnings picture for property-casualty insurers, butthe 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 industryneeds” to record in the current investment environment if itexpects to achieve rates of return anywhere near those historicallyposted by Fortune 500 companies, said Robert Hartwig, senior vicepresident and chief economist for the Insurance InformationInstitute in New York.
The industry's net loss on underwriting declined 38 percent to$3.8 billion in first-quarter 2002, according to figures jointlyreleased by the Jersey City, N.J.-based Insurance Services OfficeInc. and the National Association of Independent Insurers in DesPlaines, Ill.
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