Property and Casualty Insurers - Bond Quality Tumbles to Record Low in 2012

``Preliminary numbers released by the National Association of Insurance Commissioners (NAIC) and obtained from SNL Financial show that 2012 ended with the net yield on property and casualty insurer invested assets of 3.68 percent, an all-time low. At the same time the amount of bonds, as a percentage of investments, considered "junk" rose 31.3 percent to an all time high of 4.07 percent. In layman's terms, it's similar to buying a check cashing store and lending the money out for less than a bank would charge on a secured loan.  The description might seem a little dramatic but, think about it: what successful business model has at its core buying risky assets and getting less back on the investments? ''