Insurance News

Reinsurance Association Says U.S. Premium Writing Up 3%

Posted on: June 5, 2009

Reinsurance Association of America members in the first quarter saw net premiums written increase nearly 3 percent compared with same period in 2008.

However, profitability is another story, as 10 of the 19 members of the reporting group saw net income fall in the quarter, according to RAA. The biggest loss came at National Indemnity ($2.18 billion), while Swiss Re had the best profit line at $146 million.

Premiums written rose by $200 million, or 2.94 percent, to $7 billion. At the same time, the RAA reported that policyholders’ surplus for the group of 19 U.S. property-casualty reinsurers was down 21 percent.

Surplus for the quarter fell by $15.7 billion to $59.6 billion, compared to $75.3 billion for the same period in 2008.

The reinsurers’ combined ratio was nearly unchanged, deteriorating slightly to 95.5 for the quarter, compared to the 95.2 reported by a similar group of reinsurers for last year’s first quarter.

RAA said the ratio is attributable to a 68.1 loss ratio and a 27.4 expense ratio.

© Copyright 2009 National Underwriter Property & Casualty. A Summit Business Media publication. All Rights Reserved.

Advertisements
%d bloggers like this: