INSURANCE

2nd-Quarter Earnings Disappointing: U.S. property and casualty insurers posted lackluster results for the period and could be hit even harder in the third quarter, according to the Insurance Information Institute. Although net income for the industry in the second quarter rose 10%, to $4.4 billion from $4 billion in the year-earlier period, most of that gain came from a decrease in underwriting losses because of fewer claims, said Sean Mooney, senior vice president and economist at the institute. Unfortunately, claims are bound to pick up, he said, especially given this year’s active hurricane season. The industry had $4.4 billion in underwriting losses in the second quarter, compared with $6.1 billion a year ago.