NEW YORK--(BUSINESS WIRE)--Fitch Ratings has published a Dashboard Report that analyzes full-year 2013 GAAP financial results for 43 publicly traded (re)insurers.
The Property/Casualty 2013 GAAP Results Dashboard highlights key 2013 performance drivers. In 2013, higher operating profitability was driven by improved underwriting results that benefited from lower catastrophe-related losses and pricing improvements achieved in primary lines in the last two years. These favorable trends helped offset modestly lower reserve releases.
Underwriting results and operating profitability for 2013 could represent peak results for the next few years. Pricing gains have slowed in primary lines and property reinsurance rates declined at Jan. 1 renewal. An anticipated return to normalized catastrophe activity and diminishment of reserve releases suggests that 2014 underwriting margins will more likely decline as well. Profitability will be further pressured by lower reinvestment rates of insurers' maturing fixed-income investments.
The 'Property/Casualty 2013 GAAP Results Dashboard' is available on Fitch's website at 'www.fitchratings.com' or by clicking on the link.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research: Property/Casualty 2013 GAAP Results Dashboard