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Surging inflation on poor underwriting profitability have prompted Moody’s Investors Service Inc. to downgrade its outlook for the U.K.’s property and casualty insurance sector to “negative” from “stable,” Reinsurance News reported. According to Moody’s, the P&C insurance price increases and rising investment yields will be insufficient to restore earnings over the next 12-18 months, as high inflation is expected to increase P&C claims costs.