Printer Friendly

MINIMAL CATASTROPHE CLAIMS HELP PROPERTY/CASUALTY INSURERS POST FAVORABLE NINE-MONTH RESULTS

 OLDWICK, N.J., Dec. 9 /PRNewswire/ -- Lower catastrophe claims helped the property/casualty insurance industry to improve its nine- month financial results, boosting net premiums written 5.3% and lowering the combined ratio (after dividends) to 107.4, according to results released today by the A.M. Best Company.
 Catastrophe claims, although still at record levels, paled in comparison to shattering storm losses recorded a year ago. Property Claims Services estimates that catastrophe losses totaled $4.8 billion in the first nine months of 1993, compared with more than $16 billion last year.
 The improved premium growth was twice that for the same period a year ago and the strongest increase that insurers have reported during the past five years. Increases in homeowners, commercial multiple peril, fire and allied lines largely sparked this growth, which totaled $182.6 billion at Sept. 30, 1993.
 Net income after taxes, which totaled $13.1 billion, bolstered the industry's surplus 8.5% to $175.7 billion, compared to $160.1 a year ago. Total assets for the industry also increased to $666.2 billion, compared to $628.3 in 1992.
 For a complete copy of this report, and individual companies' nine- month results, refer to the contact person at the end of this release.
 -0- 12/9/93
 /CONTACT: Rhonda J. Ruch of A.M. Best Company, 908-439-2200, ext. 5684/


CO: A.M. Best Company ST: IN: INS SU: ECO

TW -- NY018 -- 2112 12/09/93 09:45 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1993
Words:245
Previous Article:ARGUS PHARMACEUTICALS OVER-ALLOTMENT EXERCISED ON SECONDARY PUBLIC OFFERING
Next Article:CLAUDINE B. MALONE ELECTED TO BOARD OF DIRECTORS OF IMCERA GROUP INC.
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters