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Net income fell by 30 percent for the property and casualty insurance industry in the first half of 2016. (Photo: Thinkstock)

The U.S. property and casualty insurance industry reported a $1.5 billion net underwriting loss for the first half of 2016 — ending a profit streak of more than 3 years, according to results released by the Insurance Services Office and the Property Casualty Insurers Association of America.

Net income after taxes dropped 30 percent to $21.7 billion in the first half of 2016, down from $31 billion a year earlier. 

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