A.M. Best Co. rating service said it is increasing its combined ratio loss estimate for the property-casualty industry by close to five points from its projection at the beginning of the year, pushing it over 100.
The Oldwick, N.J.-based firm said its 2008 estimate for the overall industry rises from a just profitable January projection of 98.6 to 103.2. Best said the forecast covers personal lines, commercial lines and the U.S. reinsurance segment.
The increase was prompted by continued price softening, challenging market conditions, unusually high catastrophe losses in the first half of the year, and significant underwriting losses reported by mortgage and financial guaranty insurers, Best said.
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