The property and casualty insurance industry's underwriting and operating profitability improved through the first nine months of 2013 compared to 2012 thanks to lower catastrophe losses and firmer pricing, according to ALIRT Insurance Research.
Additionally, surplus growth remained solid—although not quite as strong as 2012—among the insurers ALIRT follows.
The challenge for the industry, according to ALIRT, is that it has too much capital and too little demand for that capital, all while in a “persistent low-rate environment.”
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