P/C Industry Posts $1.3B Loss in Q1; Combined Ratio Up to 102.2

P/C Industry Posts $1.3B Loss in Q1; Combined Ratio Up to 102.2 http://www.insurancejournal.com/new… The property/casualty insurance industry suffered a $1.3 billion net loss after taxes for first-quarter 2009, which constitutes a $9.8 billion adverse swing from the industry’s $8.5 billion in net income after taxes in first-quarter 2008. … “With so many once iconic banks, Wall Street institutions, and industrial giants having been done in by the recession and the crisis that swept through the financial system, property/casualty insurers’ policyholders can be secure in the knowledge that property/casualty insurers have the financial resources to fulfill their obligations,” said David Sampson, PCI president and chief executive officer. “Even as other financial service providers succumbed to the recession and financial crisis, property/casualty insurers’ conservative investment strategies and prudent risk management enabled them to continue quietly going about their business — underwriting policies, paying claims, providing millions of jobs, and buying the state and municipal bonds that finance critical projects all across the nation — and all without burdening taxpayers.”. . . . Read the entire article at: Click Here