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US sector told to hold firm on prices.
(From Insurance Day)
Byline: Richard Banks
THE US property/casualty sector saw its first-half net income grow to $14.5bn up 231.6% on last year but it is still not producing underwriting profits and experts have warned the industry not to get ahead of itself.
According to the latest figures published by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII), net income levels remain 2.5% lower than in the first half of 1999, and there are signs that price increases are levelling off.
On the other hand, the second quarter of 2003 saw an end to the downward investment income trends of the past four years. That also helped improve profitability levels.
In the first half of 2003 net written premiums grew $20.1bn to $202.8bn.
However, premium growth slowed to 11% during the period from the 12.2% in first-half 2002.
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