The rough past year experienced by U.S. property/casualty insurers has been quantified by a joint study by the Property Casualty Insurers Association of America, Insurance Information Institute, and ISO Inc.

The industry finished well in the black with $2.4 billion in net income after taxes, but this was down $60.1 billion, or 96%, from $62.5 billion cleared in 2007. Behind this number was $21.2 billion in net losses on underwriting in 2008, a $40.5 billion reversal from $19.3 billion in net gains insurers tallied in 2007. In accordance, the industry’s combined ratio rose to 105.1% last year, much worse than the 95.5% recorded in 2007.

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