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US p/c 'could get back in black'.
(From Insurance Day)
Byline: Peta Miller
US property/casualty (p/c) insurers could make their first underwriting profit in 2003, for 25 years, according to an expert assessing first-quarter performance.
But worrying trends in claims frequency and severity need attention if underwriting performance is not to slide, warned Robert Hartwig, senior vice-president and chief economist at the Insurance Information Institute, as he commented on the p/c industry's Q1 results.
"Continued strong premium growth, 'normal' catastrophe activity for the remainder of the year and a reduction in the number of massive year-end reserve charges could just maybe be enough to push the industry's underwriting result into the black for the first time in 25 years," Mr Hartwig ventured.
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