The property/casualty insurance industry recorded its first-ever net loss after taxes in 2001, stemming from sharply higher underwriting losses and substantial deterioration in investment results, according to Insurance Services Office, Inc.'s (ISO) "Insurer Financial Results: 2001" Insurance Issues Series study.
The ISO study reported that the industry lost $7.9 billion in 2001, after earning $20.6 billion in 2000. The industry's GAAP rate of return on average net worth fell to negative 1.4 percent in 2001 from 5.9 percent the year before.
Reflecting the net loss after taxes and unrealized ...
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