NU Online News Service, May 28, 1:30 p.m. EDT
Property and casualty insurance industry first quarter profits continued to slide with net income declining 89.4 percent according to the Highline Data Performance Monitor.
The drop follows a 67.7 percent year-over-year decline in net income the previous quarter, putting the industry down to its lowest level since 2001.
According to Highline, the continued global economic downturn contributed to the industry-wide decline, leaving 70 percent of p-c companies included in the Highline Hundred sustaining decreases in net income. Six companies had losses greater than $100 million year-over-year.
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