Despite improvements in underwriting results, property-casualty insurers remain underreserved for accident years 1997 to 2001 and have lost ground in trying to catch up, a rating firm said today.
Standard & Poor's in a report said for the nine months of 2005, p-c insurers lost ground in reserving for the years prior to 2001, experiencing $16 billion in adverse development for that period. The industry was able to reserve $13 billion during the two prior years.
"Insurers and reinsurers are no closer than they were a year ago to achieving full reserve adequacy for that business," said a statement from Siddhartha Ghosh, an S&P analyst.
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