P/c profits slide 59% in first half 2009

US insurers’ $12bn in overall capital losses for the first half of this year is the result of write-downs on impaired investments

US property/casualty insurers saw a sharp fall in their overall profitability in the first half of 2009, despite improved underwriting results, leading industry experts to argue that the market must significantly improve underwriting performance to match past profitability in the light of current low interest rates and investment yields.