U.S. property/casualty insurers are expected to post lower second-quarter profits this year as a result of low premium rates and high claims costs.
“It’s a deadly combination,” Edward Liddy, chief executive of Allstate Corp. told Reuters news service. “We’ve all gotten terribly beaten up (the share prices); the marketplace just doesn’t like what it sees in the property-casualty industry right now”.
Interestingly, catastrophe costs are lagging behind last year’s $3.4 billion second quarter reports by a full $2 billion at just $1.4 billion.
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