Despite improved results in 2012, statutory operating performance for the U.S. P&C industry and 20 of the largest market participants over a five-year period (2008-2012) was relatively weak compared to historical industry norms, according to Fitch Ratings.
The rating agency’s recent report, “Statutory Performance Rankings (2008-2012),” which analyzes companies’ and the industry’s underwriting performance, net profit margin, cash flow, return on capital and internal capital formation, concludes that soft market pricing conditions, large catastrophe losses and the 2008-'09 economic recession all contributed to a challenging operating environment.
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