P-C Industry Reserve Adjustment $22 billion In ?02

NU Online News Service, July 1, 2:15 p.m. EDT?Weiss Ratings Inc. said U.S. property-casualty insurers had increased claims reserves by $22.1 billion last year in an adjustment, reflecting a "failure to adequately estimate losses."

Weiss, based in Palm Beach Gardens, Fla., noted that the industry had already raised reserves by $11.7 billion in 2001 .

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