This week General Casualty Insurance Companies announced its first-half results for 2003, which show an improvement over the company’s 2002 year-end results and are better than the projected industry results for 2003.
General Casualty reported a 100.7 combined ratio, nearly two points better than the company’s year-end 2002 combined ratio. (The combined ratio is a measure used by the insurance industry that calculates claims and operating expenses against total premiums written.)
Through the end of June the company reported direct written premiums of $533.6 million. New business growth in commercial lines is especially notable, some of which is attributed to a new online quoting and submission tool for the company’s 10,000 independent agents. The new Internet tool, Marketplace Online, helps agents quickly and efficiently write General Casualty’s Commercial Marketplace policy for small and mid-sized businesses. (On Aug. 4 the company released a similar tool for its Contractors Program.)
The company was affected by the storm system that hit the Midwest in May, causing wind, water, tornado and hail damage in Kansas, Missouri, Illinois and Indiana. Incurred losses for May totaled $6.3 million.
“We’re in very good shape, despite the storm activity we’ve seen,” said General Casualty’s President and Chief Operating Officer Pete McPartland. “For the remainder for the year, we will continue to focus on automation initiatives, growth and profitability to help meet our objectives.”
McPartland said analysts have forecasted the U.S. insurance industry to report a 105.1 combined ratio for 2003, as projected in June by Conning Research and Consulting, Inc.
For more information please contact Anne M. Smith.