Article Abstract:
Research conducted by A.M. Best on the 1997 status of the property and casualty industry showed that the industry produced the strongest underwriting results in nearly 20 years. The industry showed strong surplus growth of 17%, though premium growth remained slow, at 3.2%, with net premiums rising from $268.6 billion in 1996 to $277.3 billion in 1997. However, it is believed that present underwriting trends are still cyclical in individual markets. Thus, it is predicted that 1997 record results are not sustainable, which may result in the deterioration of normalized calendar-year results in 1998 and beyond.
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Article Abstract:
More than half of life insurance agencies in Korea have become insolvent on a statutory basis as of Mar 31, 1997. The firms focused only on growth through new sales and asset accumulation and did not consider consumer needs, business quality or corporate profitability. A number of companies have introduced various initiatives to improve their financial performance such as the ushering in of rigid screening and hiring standard, and the allocation of resources for employee training purposes.
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Article Abstract:
The history of insolvency and financial impairment in the health and life insurance industries is charted. Topics include the effect of social, political and economic factors on financially impaired companies (FICs); incidence; FICSs broken down by state; the effect of state insurance budgets; characteristics; primary and external causes; forecasts; ratings; and policy recommendations.
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