The U.S. property-casualty insurance and reinsurance industry's profits will drop off this year, and most firms' net return on average equity will not exceed 12 percent, Fitch Ratings said today.
While the industry reported strong results in 2007, they nevertheless fell short of the record net profits and underwriting performance of 2006, Fitch reported.
Fitch said that for the second consecutive year underwriting results benefited from benign natural catastrophe activity and positive loss reserve development that combined to partially offset the adverse impact of a deteriorating insurance pricing environment.
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