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American International Group wasn’t the only casualty of this year’s financial market collapse, prompted by the meltdown in subprime mortgages and their related securities. Indeed, no insurance company was left unscathed.

With investment returns taking a beating, insurers on the whole reported some of their worst results in years. Through the first half, the property-casualty industry saw after-tax income drop 57.6 percent–from $32.7 billion in 2007 to $13.9 billion in 2008.

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