Practically every American carries some
casualty insurance to protect him against damagesand 600 of the 4,800
U.S. insurance companies sell it. As it turns out, those firms could
use some casualty insurance themselves. While the rest of the $40
billion insurance industry is prospering, most property-casualty
companies are losing money on their insurance operations. Several major
companies have recently reported losses or decreases in earnings, and
last week Chicago's Continental Casualty Co., one of the industry's
giants, announced that its first-half underwriting losses reached $17.6
million. Continental admitted that its small net profit of $372,000 had
been made possible...
To continue reading:
Want the full story?
Get TIME the way you want it
Week Digital Pass — $4.99
Pay-As-You-Go DIGITAL ACCESS — $2.99
Year ALL ACCESS — Just $30! Best Deal!
Print Magazine + Digital Edition +
Subscriber-only Content on TIME.com
Learn more about the benefits of being
a TIME subscriber
If you are already a subscriber sign up — registration is free!