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RAA: Reinsurers Report Premiums Up, Income Down for First Quarter

Posted on 04 Jun 2009

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Washington-based Reinsurance Association of America reported that its members experienced almost a 3% increase in net premiums written during the first quarter of 2009 compared to the same period a year earlier, even though a majority of member companies saw their net income decline. The 19 firms that participated in the survey reported a combined ratio of 95.5% for the quarter, compared with 95.2% a year ago.

In addition, policyholder surplus fell 20.9%, to $59.57 billion, compared with the group reporting a year earlier, according to the RAA.

This year's 95.5% combined ratio reflects a 68.1% loss ratio and a 27.4% combined ratio expense ratio, according to the RAA.

Net premiums written increased 3.5%, to $7.04 billion, in the quarter that ended March 31. This compares with a 1% increase reported by reinsurers for first quarter of 2008 vs. the comparable period in 2007.