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(From Reinsurance)
US property and casualty (P&C) and reinsurance companies are still "significantly" under-reserved, according to a new report by Moody's Investors Services.
In US P&C insurance reserves - still deficient but improving, the rating agency said that despite substantial reserve strengthening by many primary insurers and reinsurers over the past two years, it believed that the industry's reserves for casualty lines of business remain inadequate.
However, it added that reserve adequacy seems to be rebounding from its 2001 low point and is slowly improving.
According to Moody's the most deficient lines of business include workers' compensation, medical malpractice, commercial multi-peril and general liability insurance as ...