The property and casualty insurance industry is expected to see an underwriting loss for 2009, with no let-up in the soft market through 2010–barring a substantial market shift, Fitch Ratings predicts.
In its recent report–”Review and Outlook 2009-2010, U.S. Property/Casualty Insurance”–Fitch projects the p&c industry will come in with a combined ratio of 101 for 2009 and an accident-year combined ratio estimated at 103.
Fitch continues to give the industry a “Negative” rating despite improvements in the industry's investment portfolio and the lack of severe catastrophe losses.
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