the end of 1993, some of which may find their way through to Bermuda-based insurers.

The California fires and expectations of heavy asbestos and environmental claims probably made 1993's fourth quarter the worst of the year for property-casualty insurers, according to A.M. Best Co.

The ratings agency said in a report that rates would probably go up in most lines of property insurance in 1994.

Best, which rates the claim-paying ability of insurance companies, reported that expenses and claims amounted to 114.5 percent of the money taken in by property and casualty insurers through premiums.

For all of 1993, the companies paid about 109.2 percent of premiums for expenses and claims.

While those figures are high, they're lower than the 123.5 percent registered in the fourth quarter of 1992, and the 115.8 percent registered for all of 1992. That year was the worst ever for catastrophe losses for the industry.

The industry still makes a profit because of strong earnings on insurance premiums that are invested.

"A major factor that hurt fourth-quarter results was heavy reserve strengthening for costs related to environmental liabilities,'' John H.

Snyder, senior vice president of A.M. Best's property-casualty division, said in the report.

Setting up reserves for environmental claims "is likely to continue to dampen the industry's results for many years to come'', he wrote.

*** SHI THE Sea Containers takeover saga, which occupied the attention of most of the Island's barristers and the Supreme Court during prolonged court proceedings in the late 1980s, refuses to go away.

The takeover bid by Swedish ferry group Stena and British container leasing company Tiphook continues to have repercussions in the British maritime world.

As reported before, Tiphook has run into increasingly severe financial problems since the takeover as a result of its rapid expansion and overpaying for Sea Containers' container stock. It is now being forced to sell them.

And on Thursday, Stena Sealink announced plans to radically slash fares on its Channel routes ahead of the opening of the Chunnel. * * * SHI CARNIVAL Corporation, the world's largest cruise company and the unsuccessful bidder for the route to St. George's, released its results for the 1993 financial year on Thursday.

The Miami-based company, which also owns Holland America Line, earned $318 million for the year, up from $276 million in 1992. The improvement in income came on revenue of $1.55 billion, up from $1.47 billion.

* * * BUC BRITTANIA may not rule the waves any more -- especially once HMS Malabar closes -- but Britons may still lead the world in chocolate consumption.

British confectionery giant Cadbury Schweppes Plc's Chocolate Review reported that sweet-toothed British consumers paid a record amount on chocolate, resisting the impact of the continued recession and health worries.

Despite concerns over tooth decay, especially in young children, figures released on Friday showed the average Briton spent more than 1 ($1.48) on chocolate a week last year.

National chocolate sales rose around five percent to 3.09 billion ($4.58 billion) in the year from 2.9 billion ($4.30 billion) in 1992.

Cadbury said despite pressure on consumer spending, the British public regards chocolate as an affordable treat which accounted for nearly 70 percent of all candy sales.