Property-casualty profits remained solid through the first three quarters of 2007, but intensifying price competition–resulting in zero net premium growth thus far–is threatening to undermine the bottom line, making 2008 a critical year in determining whether insurers learned their lessons from past soft market debacles.

Industrywide results reported quarterly by the Insurance Services Office Inc. and the Property Casualty Insurers Association of America showed that for the first nine months of 2007, p-c net income after taxes rose more than 7 percent compared with the same period for 2006–from $46.1 billion to $49.4 billion.

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