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.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access