Claims News Service, Dec. 17, 10:52 a.m. EST -- A profitability report on the P/C industry's first nine months of 2008 offered a little bit of sugar -- and a whole lot of medicine.

The good news is that, despite significant deterioration in underwriting and investment results, the P/C industry achieved a profit of $4.1 billion through Jan.-Sept. 2008. The bad news? A year-to-year comparison for the same time period shows that this figure is almost 92 percent less than what the industry realized in 2007, when it hit a high mark of $50 billion in net income.

Worse still, the industry is expecting $9.9 billion in net losses for 2008's third quarter -- a $26.7 billion adverse swing from the industry's $16.9 billion in net income after taxes in third-quarter 2007, ISO said. The company released the report in conjunction with the Insurance Information Institute and the Property Casualty Insurers Association of America (PCI).

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.