Property and Casualty Insurers Lost $3.4 Billion in Second Quarter

JUPITER, Florida (October 6, 2011) — The nation’s property and casualty insurers reported a $3.4 billion net loss during the second quarter of 2011, according to Weiss Ratings, an independent rating agency of U.S. financial institutions and sovereign debts. The loss compared with an $8.95 billion profit during the same period in 2010 and is the first loss suffered by the industry since the first quarter of 2009.

Notably, the $7.7 billion pre-tax operating loss was larger than the $7 billion pre-tax operating loss recorded after the events of September 11, 2001. Operating losses exclude taxes, dividends, and capital gains, isolating the core business results.

Insurers reporting the largest losses include:

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via Property and Casualty Insurers Lost $3.4 Billion in Second Quarter — Money and Markets.

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