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 terrorism claims, property-casualty insurers in the first nine months of 2001 experienced a $738 million net loss, compared with a $19 billion profit for the same period in 2000, according to Weiss Ratings Inc.
Weiss, based in Palm Beach Gardens, Fla., said the loss is primarily due to the estimated damages from the Sept. 11 attacks, which caused reported claims to jump $23.5 billion to $171.8 billion through the third quarter of 2001, as compared to $148.3 billion during the same period the prior year.
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