The dog days of summer definitely have arrived for the property/casualty market. A day after Conning Research and Consulting released a report stating that mixed insurance premium pricing momentum and modestly deteriorating underwriting results will conspire to keep the P&C market in its current malaise, A.M. Best published a report that dovetails with Conning's assertions.
According to the A.M. Best report, the U.S. property/casualty industry's net income plummeted approximately 87% to $1.2 billion in the first quarter of 2009, due to challenging underwriting and investment markets. The year-over-year decline in earnings was principally due to the protracted turmoil in the financial markets, and the related impact on the P&C industry's net investment income and realized capital losses.
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