The P/C insurance industry incurred $32.6 billion in direct losses from catastrophes in the first three quarters of 2011, up from the $18.6 billion generally recorded in the same period "of any given year," said Insurance Information Institute President Robert Hartwig. Policyholders' surplus as of Sept. 30, however, dropped 4% to $538.6 billion, "a sure sign that U.S. property/casualty insurers remain well-capitalized, and capable of paying future claims," Hartwig said.

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