Red ink stained the property-casualty insurance sector's third-quarter financial results, as the industry combined for a net loss of $9.9 billion, while profits plunged 92 percent for the full year thus far to $4.1 billion–a negative shift of over $53 billion from the $49.6 billion profit reported in 2007.
Battered by falling premium volume, bad weather and a steep decline in investment income, this year's third-quarter loss represents a whopping $26.8 billion downturn compared with a profit of $16.9 billion in the same period last year.
The industry's annualized rate of return for the quarter was negative-8 percent, compared with a positive return of 13 percent the year before.
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