Best Report: P&C Combined Down, Not Sustainable

The property/casualty industry's combined ratio improved about 2.6 points to 99.7 for the first quarter in 2003, the industry's strongest first-quarter underwriting performance in the most recent five-year period, according to a special report released by A.M. Best Co. These results include a marked increase in adverse loss-reserve development attributed to asbestos and environmental liabilities and catastrophe losses, which collectively added nearly 4.8 points to the reported combined ratio, according to the special report, "P/C Industry Reports Combined Ratio Below 100." The industry's combi...