Reserve Deficit Down to $30B: Moody's
NU Online News Service, Sept. 5, 2003, 9:30 a.m.EDT?With $11 billion of adverse development recorded in2002, the property-casualty industry's loss reserve deficiencystood at about $30 billion at year-end 2002, according to Moody'sInvestors Service.
In a preview written by the study's author, Sarah Hibler, forNational Underwriter, the Moody's vice president andsenior credit officer noted that the indicated deficiency ofroughly $30 billion as of Dec. 31, 2002 is about 10 percent ofcarried reserves for claims other than those related to asbestosand environmental exposures and excluding reinsurance lines. Thepreview will be published in NU's Sept. 8 printedition.
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