Weiss: P-C Net Doubled In First Nine Months Of ?03
NU Online News Service, March 9, 1:42 p.m. EST?U.S. property-casualty insurance companies earned $22.9 billion during the first nine months of 2003, up $12.1 billion, or 112 percent, compared with $10.8 billion profit reported during the same period in 2002, according to Weiss Ratings Inc.[@@]
The Jupiter, Fla.-based ratings agency observed that the p-c insurance sector's performance during the nine-month period was helped by a 76.5 percent improvement in underwriting results. Weiss said that by adhering to stricter underwriting standards and increasing premiums, the p-c sector cut its underwriting loss to $4 billion in the third quarter of 2003, compared with a $17.1 billion loss during the same period in 2002.
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