Fitch: Asbestos Reserves May Fall Short

Unless the insurance industry changes its ways, it may find that its reserves for future asbestos-related claims are off by as much as $13 billion, according to a recent study by Fitch Rating.

Keith M. Buckley, managing director of the Chicago-based firm that rates the economic strength of financial institutions, said in a recent teleconference that Fitch estimates total cumulative payments on asbestos-related claims at about $24 billion as of year-end 2001.

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