AM Best claims US insurers narrow funding gap for reserves
US property/casualty insurers narrowed the funding gap in their asbestos and environmental loss reserves during 2004, principally for asbestos liabilities, as a result of 2004¡¦s pretax charge of nearly $6bn, according to a special report published by AM Best.
Total A&E losses incurred by the industry since 2000 have totaled more than $26bn, of which $24bn was for asbestos losses alone. As a result, AM Best¡¦s year-end 2004 estimate of unfunded asbestos and
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