The property/casualty insurance industry saw its worst second-quarter catastrophe losses in history in the period ended June 30, 2001, according to the latest A.M. Best report. Best said that catastrophe losses more than tripled during the quarter compared with the prior-year period, due to Tropical Storm Allison and other severe wind and hailstorms.
The industry reported a statutory combined ratio of 116.3 and a pretax operating loss of $5.6 billion, Best reported, making the overall results fairly poor. However, continued price hardening, particularly in the reinsurance and commercial sectors, lend a positive note to the picture. Premium growth continues to be strong, advancing 8 percent in the quarter.
For the complete report, contact A.M. Best, www.ambest.com.