Though the insurance industry as a whole has fared somewhat well during the current financial crisis, a report out today says P/C insurers haven’t been so lucky.
A.M. Best has reported a surprising drop in net income of 87% for the U.S. P/C insurance sector during the first quarter of 2009.
The report states that:
- Net income for commercial lines dropped 52.9% to $1.6 billion in the first quarter, compared to the same quarter last year.
- Net premiums written for commercial lines fell 7.
buy rogaine online rebalancenyc.com/wp-content/uploads/2023/10/jpg/rogaine.html no prescription pharmacy
8% to $46 billion in the quarter.
- Underwriting losses decreased from .
buy zantac online rebalancenyc.com/wp-content/uploads/2023/10/jpg/zantac.html no prescription pharmacy
5 billion in the first quarter of last year to $500 million in the first quarter of this year.
- Policyholder surplus dropped 14.6% to $197.6 billion, according to the report.
Best stated that though the outlook for the U.S. P/C industry remains somewhat bleak for the remainder of the year, the projection for the commercial lines segment (barring mortgage guarantee and financial guarantee insurers) should post an underwriting profit.
The report is available for $65 (for nonsubscribers) at bestweek.com.