The report notes that although the U.S. private passenger auto insurance market has experienced a strong run of operating performance since 2003, with six consecutive years of underwriting profits, Fitch believes that heightened market competition has weakened pricing over the last several years, leading to a gradual deterioration of results and a strong likelihood for a return to an underwriting loss in 2009.
For a copy of the report titled 'Auto Insurance Market Overview' dated Oct. 15, 2009, please see the Fitch Ratings web site 'www.fitchratings.com' under the following headers: Sectors>>Insurance>>Topical Research & Special Reports.