NU Online News Service, May 26, 11:06 a.m. EDT
The economic plunge in 2008 more than halved the profits of the property and casualty insurance industry, according to data just released by the Internal Revenue Services.
The data shows that the profits of mutual P&C insurers dropped 60.8 percent in 2008, compared to 2007. The profits of stock companies dropped 36.8 percent, according to the data, and for the entire industry, profits dropped 56.7 percent.
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