Battered by declining premium volume, bad weather and steep declines in investment income, the property-casualty insurance sector racked up a third-quarter $9.9 billion net loss, compared with a profit of $16.7 billion in the same period last year, two industry groups reported today.
For the first nine months of the year, the industry's net income after taxes dropped 91.8 percent to $4.1 billion, plummeting from $49.6 billion last year, according to the Property Casualty Insurers Association of America (PCI) and the Insurance Services Office Inc. (ISO).
Their joint report said the net loss for the third quarter was a $26.7 billion negative swing from 2007's figure, prompting a fall in the industry's annualized rate of return to negative-8 percent, compared with a positive return of 13 percent the year before.
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