For The Record.(property and casualty insurance posts loss as industry)(Brief Article)(Statistical Data Included)

Business Insurance, July, 2002

P/C industry posts first aftertax net loss Dramatically higher underwriting losses and poor investment results combined to produce the property/casualty insurance industry's first-ever aftertax net loss, according to a new study by the Insurance Services Office Inc. According to the ISO study, the property/casualty industry lost $7.9 billion in 2001, down from earnings of $20.6 billion in 2000.

Reflecting the loss and unrealized capital losses on investments, industry surplus fell 8.7%, to $289.6 billion, at the end of 2001, Jersey City, N.J.-based ISO said. The drop followed a 5.1% decline in the prior year, representing the first back-to-back declines in surplus since 1984 and the largest since 1974, when surplus fell 23.9%. The ISO study states that insured...

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