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Fitch Releases New U.S. Property/Casualty Insurance Reserve Development Report
yahoo finance
January 24, 2014
CHICAGO--(BUSINESS WIRE)-- Link to Fitch Ratings' Report: Property/Casualty Loss Reserve Development http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=729784 Earnings for the U.S. property/casualty insurance industry will benefit from significant favorable loss reserve development in 2013, despite several headline making adverse development charges from individual insurers during the year, according to a Fitch Ratings special report: 'Property/Casualty Loss Reserve Development -- Five Insurers Carry Trend'. In the report Fitch reviews loss reserve experience for 100 of the top U.S. P/C insurers, representing approximately 88% of industry aggregate loss reserves. Key findings show that while full year 2013 reserve development will modestly exceed 2012 levels, the breadth of favorable reserve actions across companies has declined over time. Five insurers accounted for approximately three-quarters of the favorable reserve development during the first nine months of 2013. Fitch's analysis also reveals fewer companies in total with favorable reserve development, reduced levels of favorable reserve development among leading companies, and modestly higher levels of unfavorable reserve development relative to beginning reserves for the worst performing companies. Fitch believes that this pattern is indicative of a weakening in the industry reserve position over time, promoting an expectation for more modest favorable reserve development reported in 2014 for the P/C insurance industry. The report 'Property/Casualty Loss Reserve Development -- Five Insurers Carry Trend' is available on Fitch's website at 'www.fitchratings.com'. Additional information is available at 'www.fitchratings.com'. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. Contact: Fitch Ratings, Inc. Douglas M. Pawlowski, CFA, +1-312-368-2054 Senior Director Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60602 or James B. Auden, CFA, +1-312-368-3146 Managing Director or Media Relations Brian Bertsch, +1-212-908-0549 brian.bertsch@fitchratings.com
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