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The personal lines insurance industry is in good financial shape despite the economic challenges companies have faced recently, but some consolidation is expected in the future among the smaller players, according to a report from Moody's.
The report, "U.S. P&C Personal Lines Insurance--Industry Scorecard," released by Moody's Investors Service, said the personal lines sector for auto and homeowners insurance remains "financially sound," despite the weak economy and "prolonged" soft market cycle.
Despite marginal to negative premium growth for these insurers during 2008 and 2009, primarily due to the economic crisis, "the industry maintained profitability" with a combined ratio of 96.7 in 2009. The results were helped by a benign hurricane season, the report noted.
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