According to AM Best, the US property and casualty industry reported very strong nine-month 2004 operating results, propelled by underwriting income of an estimated $3.4bn.
AM Best said the industry's ability to sustain an underwriting profit despite heavy catastrophe activity highlights the strong underwriting fundamentals present since 2001.
While the nine-month results were less than the estimated $9bn underwriting income reported through 30 June 2004 results, the industry's year-to-date underwriting performance illustrated progress over the $5.2bn underwriting loss reported for the comparable nine-month period of 2003 and an even more pronounced gain over the $19bn underwriting loss reported for the first nine months of 2002.
