There is a phrase in journalism called “burying the lead,” meaning you fail to put the most important part of the news story right up in the first paragraph. When reporters do this, it's just poor or lazy writing. But when sources are guilty of this sin in their press releases, it's called “spin”–putting the best face on bad news. That's the case with the latest industry-wide financial results reported by ISO and PCI.
Indeed, the two groups chose to “lead” with reassurances that the industry remains in good financial shape, boasting that insurers have $437.1 billion in policyholder surplus, $554.4 billion in loss and loss adjustment expense reserves to cover claims that already were filed, and another $201.5 billion in unearned premium reserves to cover losses arising during policies in effect on March 31.
That brings the grand total available to cover losses and other contingencies to “just under $1.2 trillion.” That is impressive.
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