Capital Stretched But Still Adequate In Commercial, Reinsurance Lines
The industrys capital position is becoming stretched as a result of the estimated $30 billion hit from the World Trade Center losses, natural catastrophe claims during 2001 of $10 billion, declining investment income, and the need by many companies to boost reserves, several industry analysts affirmed.
Although another $30 billion has come back into the reinsurance and insurance industry since Sept. 11, capital has still declined by about $10 billion, said Donald Watson, managing director of Standard & Poors in New York.
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