Weiss Ratings: P-C Firms Lost $738 Million
NU Online News Service, March 25, 11:53 a.m.EST?Impacted by a slumping stock market and terrorismclaims, property-casualty insurers in the first nine months of 2001experienced a $738 million net loss, compared with a $19 billionprofit for the same period in 2000, according to Weiss RatingsInc.
Weiss, based in Palm Beach Gardens, Fla., said the loss isprimarily due to the estimated damages from the Sept. 11 attacks,which caused reported claims to jump $23.5 billion to $171.8billion through the third quarter of 2001, as compared to $148.3billion during the same period the prior year.
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