Despite some grim results for the first nine months of 2008, the property-casualty sector is unlikely to end the year in the red, one of the insurance industry's premier economists and leading spokesman predicts.
“It doesn't appear [the insurance industry] will wind up with a loss for the year,” said Robert P. Hartwig, president of the Insurance Information Institute.
His comments came the day after the Insurance Services Office and the Property Casualty Insurers Association of America reported that for the first nine months, the industry's net after-tax income dropped 91.8 percent to $4.1 billion, down from $49.6 billion last year. The industry also reported a net loss of $9.9 billion for the third quarter.
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