The National Association of Insurance Commissioners (NAIC) and Standard & Poor’s seem to have differing views on insurers’ risk since the U.S. government debt downgrade last week.

Operating profits declined for most property-casualty insurers in the first half of the year, but exceeded the poor performance in the first six months of 2009, according to a Fitch analysis of 50 publicly traded companies.

IFAwebnews reports that Fitch doesn’t put forth much encouragement in its latest analysis of personal and commercial lines.