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Industry Surveys Insurance：Property-Casualty
( 标准普尔 January 19, 2006) 英文 ３８页
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CURRENT ENVIRONMENT..................................................................1
Hurricane Katrina’s impact likely to be far reaching
Profits up sharply in first half of 2005
Investment results bolster revenues
Favorable loss cost trends continue into first half of 2005
The combined ratio is a key measure of underwriting performance
Surplus continues to grow
INDUSTRY PROFILE...............................................................................6
Catastrophe losses overshadow an otherwise decent profit picture
INDUSTRY TRENDS .................................................................................6
Insurance rates will likely harden in select lines
Bid rigging investigations wind down, but finite reinsurance remains
in regulators’ crosshairs
Asbestos issues still not resolved
Merger and acquisition activity continues to wane
HOW THE INDUSTRY OPERATES .............................................................12
The money flows in...
...and the money flows out
Keep the cash circulating
Loss reserves: the financial buffer
Surplus funds: capital counts
Forms of ownership
Lines of coverage
Getting policies to the people
Regulation, competition hold insurers in line
KEY INDUSTRY RATIOS AND STATISTICS ...................................................21
HOW TO ANALYZE A PROPERTY-CASUALTY INSURANCE COMPANY .............22
Pricing moves inversely with interest rates
Predicting profits
Cash flow and liquidity
Looking at leverage
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