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Soft Market, Catastrophes Deflate Industry Earnings

Claims News Service, Sept.30, 2:09 p.m. EST -- Due in part to rising loss adjustment expenses and underwriting and investment losses, the P/C industry's net income fell by more than 57 percent for the

By Eric Gilkey | Updated on September 30, 2008

Claims News Service, Sept.30, 2:09 p.m. EST — Due in part to rising loss adjustment expenses and underwriting and investment losses, the P/C industry’s net income fell by more than 57 percent for the first half of 2008.

That figure was announced via joint release from ISO, the Insurance Information Institute (I.I.I.), and the Property/Casualty Insurers Association of America (PCI) earlier today. According to the statement, the P/C industry’s net income after taxes topped out at $14 billion, a decrease of more than $32.7 billion from the same January-June period in 2007.

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