The investment income woes of property/casualty insurers did not begin with the 2008 financial crisis, new analysis from Fitch Ratings reveals.

Noting that the market values of fixed incomes and equities recovered quickly in the wake of the crisis, the report examines the underlying causes of the long-running trend toward diminishing returns. “Over the last 15 years, investment yields have declined significantly, with the industry’s yield moving from 5.7 percent in 1996 to a current level of under 3.8 percent,” the report states. “The industry yield was 7% as recently as 1990.”

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