P-C Industry Sees Profits Skyrocket In 2003

However, concerns raised about rate hike moderation, Wall Street uncertaintyA steep decline in underwriting losses and premium growth that nearly hit double digits sent net income for property-casualty insurers soaring to $29.9 billion last yearalmost 10 times the $3 billion recorded in 2002while boosting statutory surplus by 21.6 percent, two insurance industry groups reported.

The combined ratioa key measure of losses and underwriting expenses per dollar of premiumimproved to 100.1 last year, down 7.2 points from 107.3 in 2002, according to statistics compiled by the Insurance Services Office Inc. and the Property Casualty Insurers Association of America.

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