Industry Reserves Adjusted $22 B In 02: Weiss

Weiss Ratings Inc. said U.S. property-casualty insurers increased reserves for prior-year claims by $22.1 billion last year, suggesting that the adjustment reflected a "failure to adequately estimate losses."

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

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