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With the industry’s capital drained this year by natural catastrophes, financial market losses and falling rates, “the end of the soft market in insurance has arrived,” according to Evan Greenberg, chairman and chief executive officer of ACE Limited.

While the insurance industry was overcapitalized at the beginning of the year, disasters–both natural, in terms of storm losses, and man-made, given the financial meltdown on Wall Street–have set the stage for a turnaround in insurance pricing, Mr. Greenberg said during an earnings conference call, in which he announced a 92 percent drop in third-quarter income for his Zurich-based company.

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