Early second-quarter earning reports point to solid results in the property/casualty sector, according to Fitch Ratings. The Travelers Companies Inc., Platinum Underwriters Holdings, W.R. Berkley Corp., and Ace Ltd. recently reported strong second-quarter and year-to-date earnings, and Fitch's P&C outlook for 2013 calls for better operating results relative to 2012, given improved pricing across product lines.
While the rating agency expects premium rate improvements through the remainder of 2013, the magnitude of increases will diminish. With hurricane season still in its early stages, catastrophe loss experience is the biggest source of future earnings volatility for the second half of the year. Favorable loss reserve development continues to shrink, but continues to positively influence earnings, according to Fitch.
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