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).

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