Property-casualty officials took special pains to underscore the challenges that lay ahead while announcing a 50 percent increase in industry profits for the first nine months of 2006, compared to the same period of the previous storm-struck year.
Indeed, consumers must understand how important it is for a “cyclical, risky” industry to have highly profitable years to replenish losses from the bad ones, according to Greg Heidrich, senior vice president for the Property Casualty Insurers Association of America.
Driven by a sharp decline in catastrophe losses, the U.S. property-casualty industry posted a $24.4 billion net gain on underwriting through the first nine months of 2006. That figure stands in stark contrast to the $2.5 billion net loss on underwriting through nine months in 2005.
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