A tough market takes its toll
Article Abstract:
Property and casualty insurance companies received more downgrades than upgrades from credit rating agencies in 1997. Based on statistics from A M Best Co for FY ended June 16, 1997, 233 insurers saw their ratings downgraded while 171 experienced upgrades. A weak market, increased competition and a host of other factors led to downgrades for some property and casualty insurers, while consolidation and mergers boosted the ratings of others. Meanwhile, A M Best broadened its rating coverage and improved the rating process to better reflect insurance market conditions.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1998
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A short-lived improvement
Article Abstract:
The underwriting gains achieved by property and casualty insurers in 1996 mask a widening gap between top and average industry performers and the emergence of several disturbing industry trends. Chief among these are increasing commercial accident-year loss ratios, higher catastrophe losses, stagnating investment earnings and expense ratios, and shrinking reserve redundancies.
Publication Name: Best's Review Property-Casualty Insurance Edition
Subject: Insurance
ISSN: 0005-9714
Year: 1997
User Contributions:
Comment about this article or add new information about this topic: