Industry Back In The Black, But Bad News Still Abounds Even though the property-casualty industry's bottom line returned to profit in 2002, following a horrific year marked by losses from the 9/11 terror attacks, theres still plenty of bad news to keep insurance companies from celebrating their return to profitability.
According to industry results compiled by Insurance Services Office Inc. and the National Association of Independent Insurers, the industry posted after-tax net income of $2.9 billiona figure that looks particularly good when compared to the $7 billion loss the industry suffered the year before.
The industry's net losses on underwriting also fell in 2002, to $30.5 billion, down more than 40 percent from the year before.
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