A profitability report on the P/C industry's first nine months of 2008 offered a little bit of sugar — and a whole lot of medicine.
The good news is that, despite significant deterioration in underwriting and investment results, the P/C industry achieved a profit of $4.1 billion through Jan.-Sept. 2008. The bad news? A year-to-year comparison for the same time period shows that this figure is almost 92 percent less than what the industry realized in 2007, when it hit a high mark of $50 billion in net income.
Worse still, the industry is expecting $9.9 billion in net losses for 2008′s third quarter — a $26.7 billion adverse swing from the industry's $16.9 billion in net income after taxes in third-quarter 2007, ISO said. The company released the report in conjunction with the Insurance Information Institute and the Property Casualty Insurers Association of America (PCI).
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