Caterpillar Sparked Horse Insurance Crunch
While insurance cycles of heated competition followed by periods of reunderwriting may cause availability problems in some specialty insurance lines, a coverage crunch in a segment of the Kentucky horse mortality market two years ago may be traced, in part, to the activities of caterpillars.
The insurance industry has nearly recovered from the loss of thousands of foals aborted by thoroughbred mares in Kentucky in the spring of 2001, but the tiny Eastern Tent Caterpillar, believed to have caused the event, will not soon be forgotten, said industry experts.
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