P-C Insurers Record First Net Loss EverThe U.S. property-casualty industry in 2001 racked up its first-ever net lossa whopping $7.9 billion, according to the Insurance Services Office in Jersey City, N.J., and the Des Plaines, Ill.-based National Association of Independent Insurers.
But this after-tax net loss is not the only item for the history books. The industrys net worthstatutory surplusfell below $300 billion for the first time since 1996, according to reports previously released by ISO.
The industry combined ratio, which came in at 116 for 2001, was the third worst on record, ISO and NAII reported.
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