The U.S. property-casualty industry incurred a $2.8 billion underwriting loss for the first nine months of 2005, according to a recent study by A.M. Best & Co.
According to the Oldwick, N.J.-based rating firm's analysis any hardening of prices brought on by the loss does not appear long-lived.
Best said the most expensive natural catastrophe in history helped turn the $3.4 billion gain for the nine-month period in 2004 to red ink last year, the company said.
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