BANKING & FINANCE - Oct. 3, 1992
From Times Staff and Wire Reports
3rd Quarter Losses Likely for Many Insurance Companies: Battered by damage claims from hurricanes in Florida, Louisiana and Hawaii, property/casualty insurers may lose $2 billion in the third quarter--the first operating loss for the industry since the end of 1985, analysts said. Although big insurance companies such as Aetna Life & Casualty Co. and Chubb Corp. probably will eke out profits in the quarter ended Sept. 30, Cigna Corp., Continental Corp., Travelers Corp. and USF&G; Corp. probably will show losses. The insurance industry had a $2.8-billion profit in the second quarter of 1992 and income of $3.7 billion in the third quarter last year, according to the Insurance Information Institute.
