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Environmental losses payments exceeded losses: A.M. Best



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

% of its total exposures to A&E, which means an unfunded debt of approximately $ 9 billion for asbestos and $ 4 billion for the environment, although these are "relatively small amounts" compared to with cumulative losses of more than $ 91 billion for asbestos and $ 42 billion for the environment.

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.

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