Best: P-C Still Underreserved:Corrected Version
NU Online News Service, April 14, 2:54 p.m. EDT?Property-casualty insurers reported ?vastly improved' 2003 operating results with a double-digit jump in surplus compared to the previous year, but the sector faces slowing rate increases and continuing adverse developments, A.M. Best Company said.[@@]
However, according to the yearly review by the Oldwick, N.J.-based ratings agency, the industry is "significantly underreserved and that adverse development will continue to erode near-term earnings throughout 2004."
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