The U.S. property-casualty industry’s third-quarter statutory surplus may decline as much as 8 percent–down $42 billion–through the first three-quarters, according to Towers Perrin, citing insurer equity and credit-related losses on asset portfolios, hurricane catastrophe losses, and a spike in directors and officers liability claims.

Additionally, if the stock market fails to recover from steep losses precipitated in recent weeks by the financial crisis, Towers Perrin said the surplus decline could approach $80 billion, or 15 percent, by the end of the year.

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