Thanks to strong premium growth and lower catastrophe losses, the U.S. property/casualty industry earned $9.3 billion in net income after taxes through nine-months 2002, in sharp contrast to the $2.6 billion net loss through nine-months 2001. But the industry's surplus, or net worth, fell 5.6 percent to $273.3 billion at September 30 from $289.6 billion at year-end 2001, as a result of capital losses on investments, according to Insurance Services Office, Inc. (ISO) and the National Association of Independent Insurers (NAII).
Net written premiums for nine-months 2002 rose 13.6 percent versus...
Comments