Insurer Sept. 11 Reserves Unaffected by Recent Ruling Sep 03
- ID: 2092073
- September 2003
- Standard & Poors
A recent court ruling allowing lawsuits to proceed against the Port Authority of New York and New Jersey, Boeing, and airlines hit by the Sept. 11, 2001, terrorist attacks is not expected to cause insurance companies to re-estimate their reserves. Assuming it is upheld, the Sept. 9, 2003, ruling will have little or no impact on the creditworthiness of insurance and reinsurance companies. Insurers and reinsurers are largely holding to their initial loss estimates. Very few companies have materially adjusted their estimates since early 2002, suggesting that initial reserves were set with a worst-case scenario in mind. If any favorable developments occur, insurers and reinsurers could actually be in the unusual position of releasing reserves, generating future profits from prior...
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