The property/casualty insurance industry suffered a $7.9 billion net loss after taxes in 2001-the industry's first-ever net loss for a full year and a sharp swing from the $20.6 billion in net income in 2000, according to a report by Insurance Services Office, Inc. (ISO), Jersey City, N.J., and the National Association of Independent Insurers (NAII), Des Plaines, Ill.ISO's and the NAII's figures are consolidated estimates, based on the reports of insurers that account for 96 percent of the U.S. property/casualty insurance business.

The industry's statutory surplus, or net worth, also fell $27.7 billion, or 8.7 percent, to $289.6 billion at year-end 2001 from $317.4 billion at year-end 2000.

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