The property-casualty insurance industry will earn 7%...

The property-casualty insurance industry will earn 7% more in 1987 than in 1986, but will likely face tougher times in 1988, according to a preliminary report released by an industry group. The Insurance Information Institute predicted that the industry would net $13.7 billion this year, compared to $12.8 billion in 1986. Its report was based on figures compiled by A. M. Best Co., an independent business analysis group. Sean Mooney, economist and vice president of the institute, said the industry’s improved profitability reflects higher revenues and lower claim costs.