Nearly $50 billion in direct insured property losses moved property-casualty industry financial results off their record-breaking pace for the year, but the nine-month combined ratio–at 100–was still the second best on record.

According to a joint report released by the Jersey City, N.J.-based Insurance Services Office and the Property Casualty Insurers Association of America, based in Des Plaines, Ill., a net underwriting loss of approximately $2.8 billion represented a $6.1 billion adverse swing from an underwriting gain of just over $3.2 billion last year.

But when total losses and expenses through nine months of this year were compared to net written premiums of $320.6 billion and net earned premiums of $309.9 billion, the combined ratio still managed to come in at just about breakeven, or 100.

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