Read 'em & weep--expect '01 net loss. (Financial Results).(property-casualty insurance industry)(Statistical Data Included)

National Underwriter Property & Casualty-Risk & Benefits Management, April, 2002 by Sclafane, Susanne

There is little doubt that the property-casualty insurance industry will report a full-year net loss for 2001. In January, rating agencies AM. Best in Oldwick, N.J., and Fitch in Chicago each predicted net losses for the year. With a nine-month loss of $3.1 billion--and fourth-quarter core (non-catastrophe) results seemingly worse than those reported in the third quarter for many companies--the only question now seems to be what the dollar figure will be when the Jersey City-based Insurance Services Offices and the National Association of Independent Insurers in Des Flames, Ill., officially release the industrywide results for the year.

With both firms anticipating an abundance of "kitchen-sink" charges in the fourth quarter, Best analysts figured on a $9...

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