Asset-driven losses and market volatility are increasing pressure on insurance carriers' earnings, with profitability increasingly dependent on technical earnings rather than investment gains, according to a new study.

The report came from New York-based reinsurance brokerage Guy Carpenter & Company, LLC, which warned that a severe catastrophe could destroy insurer and reinsurer capital and earnings bases.

The Guy Carpenter briefing on the relationship between insurance carrier investment gains and profitability is titled "Bag Profits Early: Investment Gains Under Pressure."

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