2001 Most Expensive Year for Insurers

U.S. property and casualty insurers paid $24 billion in claims last year--the largest amount ever--largely because of the terrorist attacks on the World Trade Center.

The amount could be adjusted higher because of pending lawsuits related to Sept. 11, according to the Insurance Services Office, a Jersey City, N.J., advisory company that issued the report.

In contrast, in 2000, property and casualty insurers paid $4.3 billion in claims.

Insurers paid $16.6 billion in claims related to the terrorist attacks. Previously, the largest amount paid by insurers for a single event was $15.5 billion for losses caused by Hurricane Andrew in Florida in 1992.