Lower catastrophe-related losses and benefits from premium rate increases across many product segments contributed to an improvement in U.S. P&C insurers' operating performance for the first half of 2013, according to Fitch Ratings' recent report, “U.S. Property/Casualty Insurers' Mid-Year 2013 Financial Results.”
After recognizing significant reserve redundancies over the last five years, the P&C industry loss reserve position is approaching closer to adequate levels, Fitch said. A handful of individual insurers have experienced unfavorable development thus far in 2013. However, favorable development continues to boost underwriting performance, representing approximately 2.4 percent of earned premium in first-half 2013 versus 2.5 percent in the prior year.
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