Moody's Investors Service said non-life insurance was among nine sectors that had large proportions of downgrades in the third quarter of 2008.

The others were airlines; real estate and construction; retail; banks and bank holding companies; and finance, securities and leasing--with the last two industries having the largest absolute number of downgrades.

Moody's said the number of rated issuers on review for downgrade doubled in the third quarter. "At the end of the second quarter of 2008, 8.9 percent of rated issuers were on review for downgrade, up from 4.2 percent at the end of the second quarter," said a statement from Moody's analyst Jennifer Tennant.

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