A.M. Best Reports P/C Industry Shrinks

The number of independent property/casualty insurance groups increased from 8 percent to 10 percent in 1999, according to a study by A.M. Best Co.

Best expects one-third of the remaining groups to lose what it calls “operating autonomy” by 2005. Approximately 1,100 p/c groups still operate in the U.S. today. About 13 percent of these groups still control about 90 percent of the market.

The top 10 groups alone write about 45 percent of the market premium, up about 40 percent from just one year ago.