ISO Says Despite Pricing, P&C Still Not Recovered

While strong underwriting results propelled the property/casualty insurance industry to profitability in 2002, insurers have not fully recovered from anemic premium growth of the 1990s and September 11 losses, according to a just-published study by Insurance Services Office, Inc. (ISO). Despite posting the largest premium increase since 1986, the industry's surplus last year fell $4.4 billion, or 1.5 percent, to $285.2 billion from $289.6 billion in the prior year, largely driven by capital losses in the stock market (see graph below.) The study, Insurer Financial Results: 2002, further revea...