The property and casualty insurance industry is reeling from the largest year-over-year drop in net income in seven years, according to an analysis by Cambridge, Mass.-based Highline Data.

P-c third quarter net income was down 80.7 percent in the third quarter compared with the same period in 2007, said Highline, a subsidiary of Summit Business Media, the parent company of National Underwriter.

Losses from Hurricanes Gustav, Hanna, and Ike were called the main drivers of a "dramatic year-over-year decline, from $50.8 billion to $9.8 billion." Additionally, Highline said the industry-wide loss ratio rose to 77.9 percent from 76 percent in the third quarter of 2007.

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