The US real estate / non-life insurance industry's asbestos and environmental losses continue to outweigh losses, A.M. Best Co. said in a report issued on Thursday.
Oldwick, New Jersey, based A.M. Best said in its report that loss reserves for A&E have decreased over the past ten years plus, and over the past five years the industry has paid out $ 16.1 billion in A&E receivables while incurring $ 11.3 billion in losses.
Its estimates for asbestos and environmental losses to industry remain unchanged at $ 100 billion and $ 46 billion, respectively, by the end of 2019, according to the report, AM Best's A&E loss estimates remain unchanged.
The report states that the industry has financed approximately 91
Asbestos incurred losses decreased by about 13% over the past five years, while environmental losses have fluctuated within a narrow range during that period and ended in 2019 with an increase of more than 10%, the report states.
Travelers Cos Inc. reported a $ 295 million increase in its asbestos reserves on Tuesday.