On September 28, 2009
Recession Takes Its Toll on Property Insurers in the First Half of 2009
The recession has taken its toll on many industries, and property-casualty insurers are no exception. P-C insurers took quite a hit in the first six months of this year, with net income after taxes falling nearly 60 percent to $5.8 billion from $14.1 billion in the year ago period, according to the two industry bibles, the Insurance Information Institute and ISO. Those who follow earnings for property insurers like Allstate, Chubb and Travelers can see that the overall results, including mutual company giants like State Farm and Liberty Mutual, are impressive, but in a negative way. Insurers were particularly hard hit in the area of investment gains and losses, no surprise since insurers have to keep huge reserves in case…
0 Comments