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State Risk & Insurance Management Association

State Risk & Insurance Management Association. September 2008. Richard L. Thomas SVP & Chief Underwriting Officer. The State of the P&C Industry. Industry Financial Results. P&C Industry’s Consolidated Net Income After Tax ( 2007 ) Down 5.2% to $61.9 Bn (1 st Q ’08 $8.2 Bn )

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State Risk & Insurance Management Association

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  1. State Risk & Insurance Management Association September 2008 Richard L. Thomas SVP & Chief Underwriting Officer

  2. The State of the P&C Industry Industry Financial Results • P&C Industry’s Consolidated Net Income After Tax (2007) Down 5.2% to $61.9 Bn(1st Q ’08 $8.2 Bn) • Surplus Up 6.5% to $517.9 Bn($515.6 Bn) • Statutory Rate of Return on Average Surplus Down to 12.3% From 14.4%(1st Q ’08 6.4%)

  3. The State of the P&C Industry Other Issues: • Market Cycle – Pricing & Capacity • Impact of Sub-Prime on P&C Underwriting • Natural Cats – Wind, Flood & Quake • Worker’s Compensation • Valued Relationships

  4. The State of the P&C Industry Sub-Prime & Other Catastrophes: Sub-Prime • Principal Impact on Investment Portfolios • Highly Complex Structure and Mark to Market Accounting Natural Cat – Commercial Risks • Capacity has been Restored - Plus • Pricing has become more rational

  5. The State of the P&C Industry Worker’s Compensation & Valued Relationships Worker’s Compensation • The downward trend in frequency is flattening • Medical Costs continue to rise Relationships • The value of a stable relationship between the buyer and the insurer has never been greater

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