Fitch profit overwhelmed by the loss of investment for U.S.

 

Tuesday, Mar 24,2009, 12:10:34 AM   Click:

Copyright: Business Wire
Source: Business Wire
Wordcount: 311

Business Editors

NEW YORK - (BUSINESS WIRE) - March 20 2009 - The U.S. property / insurance net profit in the industry fell in 2008, according to Fitch Ratings in a new report.

Although the operating performance was expected from the sharp drop in performance in 2006 and 2007 because of pressure from the more traditional competition, the impact of the sharp deterioration of economic conditions and market flooded with these concerns.

In a new special report, Fitch evaluates the whole year 2008 industry performance based on a compilation of standards and income releases 10-K filing data from 49 / ownership, agencies accident insurance.

Performance for the year for Fitch nominal P / C has shown the world flat or reduced premiums in many cases, the most poor underwriting because of lower prices and much higher losses in the disaster , particularly because of Hurricane Ike. However, the vast majority of insurers in the group profit for the year.


Operating profits for the group, decreased significantly for the year. However, a number of participants, operating return on capital. When losses are considered as investments, a higher percentage of insurers or negative return reported net losses and decreases in GAAP shareholders for the entire year.

To access this special report, "Property / Casualty Insurers Year-end 2008," please visit the Fitch web site at www.fitchratings.com under the header:

Financial Institutions> Insurance> Special Reports.

Fitch's rating definitions and conditions of use of these opinions are available on the website of the public body, www.fitchratings.com. Published opinions, criteria and methodologies are available from this site, at any time. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct of this site.



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