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2002 Was Good, Bad & Ugly

This edition marks the end of another difficult year for both sellers and buyers of insurance, although the news wasn’t all bad.

For insurers, the good news is that net written premiums rose 13.6 percent through three quarters, while catastrophe claims and the net underwriting loss fell dramatically, dropping the combined ratio from 114.4 to 104.9. Net income hit $9.3 billion, compared to a $2.6 billion loss at this time last year.

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