The surplus, or statutory net worth, of the U.S. property/casualty industry fell $9.9 billion during the first nine months of 1999, dropping to $323.4 billion as of September 30, 1999, from $333.3 billion at year-end 1998, according to Insurance Services Office, Inc. (ISO) and the National Association of Independent Insurers (NAII). The industry's net income after taxes through nine-months 1999 fell to $17.7 billion – down $5.6 billion, or 24.1 percent, from $23.3 billion through nine-months 1998.
The industry's income barely offset unrealized capital losses on insurers' investments. Such losses grew to $15.7 billion during the first nine months of 1999 from $10.6 billion during the corresponding period in 1998.
