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 in 2002, the property-casualty industry's loss reserve deficiency stood at about $30 billion at year-end 2002, according to Moody's Investors Service.
In a preview written by the study's author, Sarah Hibler, for National Underwriter, the Moody's vice president and senior credit officer noted that the indicated deficiency of roughly $30 billion as of Dec. 31, 2002 is about 10 percent of carried reserves for claims other than those related to asbestos and environmental exposures and excluding reinsurance lines. The preview will be published in NU's Sept. 8 print edition.
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