ISO Data Shows Softening Market

The U.S. property and casualty industry's net income after taxes rose 20.6 percent to $6.4 billion in first-quarter 2003 from $5.3 billion in first-quarter 2002, driven by improved underwriting results and an increase in net investment gains, according to Insurance Services Office, Inc. (ISO) and the National Association of Independent Insurers (NAII). The industry's net loss on underwriting declined 59.9 percent to $1.5 billion in first-quarter 2003 from $3.6 billion in first-quarter 2002. The industry's pre-tax net investment gain - the sum of net investment income (primarily dividends ea...