(by Dr. Goldfinger)

The biggest insurer for Switzerland Zurich Financial Services AG reported its third-quarter decline as hurricane season in the U.S. and the Caribbean was the fiercest in a century-period.

The company said its net income dropped by 31% to $454 million from $658 million in the same period of 2003.

``This year’s unparalleled hurricane season, which caused tragic losses in life and property, put our endeavour to a severe test,’’ said Zurich Financial’s Chief Executive Officer James Schiro.

Four huge hurricanes, that hit the U.S. and the Caribbean in the period between August 13 and September 27, probably caused about $30 billion of insured damage, specialists say.

U.S. Florida suffered the biggest losses in the history being hit by four hurricanes, Charley, Frances, Ivan and Jeanne, two months of one year.