Moody's Investors Service, citing the impact of stock market declines yesterday, downgraded the insurance financial strength rating of National Indemnity Company and the long-term issuer rating of its ultimate parent, Berkshire Hathaway Inc.

U.S. property-casualty insurers in the 2008 fourth quarter chalked up a $1.69 billion loss compared with a $12.9 billion profit the year before, Insurance Services Office and the Property Casualty Insurers Association of America (PCI) reported.

Revenues for the U.S. insurance brokers and agencies industry should begin picking up by the second quarter of next year and expand by 3.4 percent per year over the five years ending 2014, according to a business research firm.

USAA in its annual report said net income declined by 77 percent or $1.443 billion last year, but the insurer noted it had an increase in net worth by 1.4 percent, to $14.6 billion from $14.4 billon in 2007.

Insured losses from Monday's killer earthquake in Italy are likely to range between EUR200 million ($265 million) and EUR400 million ($530 million), a catastrophe modeling firm estimated.

The quake that struck near L'Acquila, Italy killing more than 200 persons and demolishing thousands of buildings is unlikely to inflict a major insurance loss, according to figures from one expert.

A spokesman for the Florida Office of Insurance Regulation said that many insurers have expressed interested in providing coverage for policyholders with suspended home insurer Coral Insurance Co.

An insurance executives' think tank, in advance of the London G-20 meeting last week, wrote to finance leaders advising them that any regulatory moves to fix the economic crisis should recognize the difference between banks and insurers.