Best Reports 7.8% Premium Increase, Still Trouble

The property/casualty industry reported a 7.8% increase in net premiums written and a 3.9-point improvement in the combined ratio for the first quarter of 2002 compared with the first quarter of 2001, according to the special report, "P/C Premium Growth Solid in First Quarter," recently released by A.M. Best Co. The solid growth in premiums and the improved underwriting results were fueled by robust price increases in each of the industry's main sectors: reinsurance, commercial lines and personal lines. Continued rate increases and lower-than-usual catastrophe losses resulted in a 40% re...