U.S. insurers are closing the gap between their asbestos reserves and liabilities, but the shortfall remains in the billions of dollars, one leading rating agency warns.
The U.S. property-casualty industry's overall funding shortfall for asbestos liabilities is about $10 billion, to go along with a $24 billion gap for non-asbestos environmental liabilities, according to a special report by A.M. Best.
However, on the positive side, the combined $34 billion gap represents a sharp decrease from the combined asbestos and environmental liability shortfall of $56 billion in 2001.
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