THE South African short-term insurance industry notched up some significant underwriting losses last year, compared to the previous year, the South African Insurance Association said on Monday. Chief executive Barry Scott said that 12 out of 23 insurance companies reported underwriting losses for the year to December, compared to only seven in 1997. He said there was a net underwriting loss of R165-million for 1998 compared to a profit of R377-million in 1997, and a profit of R283-million in 1996. Expressed as a percentage of premium, underwriting and investment income decreased from 12% to 8%, and an underwriting loss of 4% compared to 4% profit in 1997 and 3% profit in 1996.