The first-half results for property and casualty insurers are in, and the numbers are not very pretty, as the industry reported more than a 71 percent drop in net income.
In a report issued by the Jersey City, N.J.-based Insurance Services Office (ISO), the Des Plaines, Ill.-based Property Casualty Insurers Association of America (PCI) and the New York-based Insurance Information Institute (I.I.I.), private U.S. P&C insurers' net income fell to $4.8 billion for the first half of 2011 compared to $16.8 billion for the same period a year ago.
Driving the decline were net losses on underwriting, growing $19 billion to more than $24 billion for the first half of the year.
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