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For The Record.

Publication: Business Insurance
Publication Date: 15-JUL-02 		Format: Online - approximately 1036 words
Delivery: Immediate Online Access
Full Article Title: For The Record.(property and casualty insurance posts loss as industry)(Brief Article)(Statistical Data Included)

Article Excerpt
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 catastrophe losses, including the Sept. 11 terrorist attacks, were only partly to blame for poor underwriting results. Another significant factor, ISO said, was a 10.9% increase in noncatastrophe loss and loss adjustment expenses. An increase in...

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