P-C Insurers Earned $28.1B In First 9 Months Of ?04

Stephanie Eakins, Weiss Ratings' senior financial analyst, said, "The industry as a whole is doing really well this year. So even though they did take a big hit from the hurricanes, they were able to handle it and were still able to come out ahead."

Weiss Ratings said the p-c industry's impressive earnings reflect continued underwriting strength, as insurers reported a $3.7 billion underwriting gain in 2004 first three quarters, representing a 190.3 percent increase over the $4 billion underwriting loss reported during the same period in 2003.

"Historically, the industry has operated at an underwriting loss, so the fact that insurers reported a profit during a claims intensive quarter is evidence of the industry's renewed strength," added Melissa Gannon, vice president of Weiss Ratings.

Insurers reporting the largest year-over-year improvement in net income during the 2004 first nine months include the following companies:

? Continental Casualty, Chicago: $196.6 million in net income during 2004 first nine months, $1.3 billion loss during 2003 first nine months

? State Farm Mutual, Bloomington, Ill.: $2.15 billion in net income during 2004 first nine months, $738.8 million net income during 2003 first nine months

? State Farm Fire & Casualty, Bloomington, Ill.: $1.15 billion in net income during 2004 first nine months, $10.8 million net income during 2003 first nine months

? Allstate Ins. Co., Northbrook, Ill.: $2.75 billion in net income during 2004 first nine months, $1.81 billion net income during 2003 first nine months

? Continental Ins. Co., Concord, N.H.: $2.1 million in net income during 2004 first nine months, $406.2 million loss during 2003 first nine months