An analysis of the property and casualty insurance industry shows a recent huge $3.1 billion operating loss as result of 1992's catastrophe losses, a sluggish premium growth, a low net investment income and insolvencies. However, catastrophe losses account for most of the industry's dismal financial performance which, when analyzed in historical context, show a cyclical pattern. Meanwhile, results of the Society of Insurance Research's annual Property-Casualty Operating Outlook Survey show that ...