Newspaper article THE JOURNAL RECORD

Property, Casualty Insurers Report Profit of $3.4 Billion

Newspaper article THE JOURNAL RECORD

Property, Casualty Insurers Report Profit of $3.4 Billion

Article excerpt

NEW YORK (AP) _ The property and casualty insurance industry on Thursday reported third quarter profits of $3.4 billion, a dramatic improvement from the same period last year, when companies were battered by losses from Hurricanes Andrew and Iniki.

However, profits declined from the first and second quarters of this year.

"Profits can be expected to continue to head south, unless there is a significant price upswing," said Sean Mooney, an economist at the Insurance Information Institute, an industry group.

The $3.4 billion profit compares to a loss of $700 million in the third quarter of 1992, according to the figures supplied by the Insurance Services Office Inc.

In contrast, the industry earned $4.3 billion and $4.9 billion in the first and second quarters of this year, respectively.

The companies continued to fare poorly in their insurance underwriting activities in the third quarter, showing a pre-tax loss of $6.8 billion.

They compensated for the loss by taking in a pre-tax total of $7. …

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