Asbestos Insurers Hike Reserves
Some insurers are reacting to additionalasbestos exposures by increasing reserve levels.
In 1999, the insurers listed below increased their estimate ofultimate asbestos costs by the following amounts:
|CNA Insurance Companies: $562 million.
|Allstate Insurance Group: $350 million.
|Munich Reinsurance Group: $278 million.
|Nationwide Group: $253 million.
|Travelers/Citigroup: $163 million.
|In 2000, the following insurers increased their estimate ofultimate asbestos costs:
|Equitas: $2.4 billion.
|ACE Ina Group: $251 million.
|Liberty Mutual: $218 million.
|Berkshire Hathaway: $193 million.
|Nationwide Group: $125 million.
|In addition, CNA recently increased its reserves in the secondquarter of 2001 by $1.2 billion for asbestos, environmental andother mass tort claims.
Reproduced from National Underwriter Property &Casualty/Risk & Benefits Management Edition, September 10,2001. Copyright 2001 by The National Underwriter Company in theserial publication. All rights reserved.Copyright in this articleas an independent work may be held by the author.
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