Despite all the catastrophes of 2011, the year as a whole wasincome-statement-driven—an earnings event—rather than acapital-and-surplus event.
Industry observers have declared as much, and an ALIRT InsuranceResearch report on first-quarter results from 50 large U.S. P&Cinsurers it follows (the ALIRT P&C Composite) points to yetanother reason many are tempering their outlooks for an imminentmarket-hardening.
According to the ALIRT P&C Composite, surplus increased 6.1percent during the first three months of 2012, and total industrysurplus is now 5 percent higher than at the end of 2007,before the financial crisis.
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