NU Online News Service, June 5, 2:23 p.m. EDT
BROOKLYN N.Y.--Prior calculations of the U.S. property-casualty insurance industry's ultimate exposure to asbestos claims have probably underestimated the amount by $10-to-$15 billion, an actuary predicted.
Noting, however, that the deficiency will be recognized over a long period, Raji Bhagavatula, a principal for Milliman who is well known for her work in analyzing asbestos reserves, said this development is not going to be a shocking event for the industry.
She spoke at a session this week of the Standard & Poor's 2009 Insurance Conference in Brooklyn. Ms. Bhagavatula reviewed historical changes in asbestos reserve levels and spoke about her current thinking on asbestos reserves levels.
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