Chicago — The first four months of the year must have imparted a sinking feeling to property/casualty underwriters. A new survey shows that a $600 million net loss in underwriting helped halve the U.S. insurance P&C industry’s net income in the first quarter of 2008.
According to numbers from Jersey City, N.J.-based ISO and the Property Casualty Insurers Association of America (PCI), there was an $8.9 billion adverse swing from the $8.3 billion in net gains on underwriting in the first quarter of 2007. Shrinking premiums, coupled with rising loss and loss adjustment expenses, contributed to the reversal.
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