Hurricane losses remain the No. 1 variable as the third-quarter financial reporting dates approach for property-casualty insurers, but the sector's prices are firming, according to analysts.

Meanwhile, a consumer group said insurers can expect hefty profits.

Analyst Cliff Gallant at Keefe Bruyette Woods in New York noted that many carriers have not yet released initial loss estimates, while others say that estimates are changing upward. "As such, it is likely we have yet to see the full effect of these events on the industry," he wrote.

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