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Although there were fewer catastrophic events in 2014 than in previous years, net income after taxes for private U.S. property and casualty (P&C) insurers for the first nine months of the year dropped by $5.1 billion to $37.7 billion, compared to $42.7 billion over the same time period in 2013, according to new figures released by ISO, a Verisk Analytics business, and the Property Casualty Insurers Association of America (PCI). Overall profitability, measured by the annualized rate of return on average P&C policyholders’ surplus, also dropped from 9.4% in the first nine months of 2013 to 7.6% over the same period in 2014.

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