The Bermuda insurance market reported an improved 2006 combined ratio of 83.7, compared with 119.4 for catastrophe-scarred 2005, according to a new special report from A.M Best Co.
Underpinning the dramatic improvement in that profitability measure was the robust level of pricing attained in 2006 relative to U.S. catastrophe-exposed business.
The absence of major catastrophe losses and favorable loss-reserve development emerging from the 2003 and 2004 underwriting years set the stage for one of the most favorable earnings years on record, the Oldwick, N.J.-based insurance rating agency said.
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