Sector underwriting results fall $20bn into the red

The industry’s combined ratio worsened to 105.6% in the first nine months of 2008 from 93.8% in 2007

The US property/casualty (p/c) insurance industry saw its pre-tax profits slump by 67% in the first nine months of 2008 as increased catastrophe claims, heavy losses on mortgage and other financial guarantee business and declining investment results continued to hit the sector.