Net income for the U.S. property-casualty insurance sector plummeted nearly 50 percent in the first quarter of 2008, undermined by a net loss on underwriting, unusually high catastrophe losses and deteriorating investment results, two industry groups reported last week.
U.S. p-c net income was $8.2 billion for the quarter–down 49.3 percent from $16.2 billion in 2007, according to consolidated industry results reported by the Insurance Services Office Inc., in Jersey City, N.J., and the Property Casualty Insurers Association of America, based in Des Plaines, Ill.
A big factor was a $561 million net loss on underwriting, compared to $8.3 billion in net underwriting gains in the first quarter of 2007. As a result, the industry's combined ratio rose sharply to 99.9 from 91.7 in the first quarter of 2007.
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