Best Report: PC Growth Solid, Reserves Lacking

The property/casualty industry reported strong growth in net premiums written at 11.6% for the fourth quarter and 15.3% for the full year 2002 amid robust price increases across all sectors, according to the special report, "Property/Casualty Premium Growth Was Solid in 2002; Results Improved, But Still Marred by Reserve Charges," released April 18 by A.M. Best Co. Despite another round of heavy loss-reserve charges, compounded by a resurgence of natural-catastrophe losses and soft financial markets that caused surplus to continue its downward slide, earnings improved. A.M. Best Co. data sh...