Property & Causality Insurers Get Slammed By Storms

The countries largest property and causality insurers are reporting second quarter declines in net income that range down from 25% to 98%.

After two years of relative quiet from major catastrophes, costly weather has returned in the form of mid-west flooding and tornadoes.

Industry reports pinpoint total incurred losses to date for 2008 at approximately $8.9 billion and are expected too surpass 2007 by perhaps 50%.

Insiders express concern at the financial results considering the 2008 Hurricane season has yet to reach its peak, expected to be in late September.

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