At first blush, the financial performance of the property-casualty insurance industry during the first nine months of 2006 was generally excellent. After all, profits–in the form of net income after taxes–increased 50.1 percent ($15.1 billion) to $44.9 billion in the first nine months, compared to the same period in 2005.

The question, however, is how long the good times will last. As you'll see, there are a number of red flags ahead indicating potential trouble on the horizon for p-c carriers.

First, the good news.

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