Munich discusses investment loss 'spiral'. (Late Breaking News).(Munich Reinsurance)

National Underwriter Property & Casualty-Risk &Benefits Management | March 17, 2003| | Copyright

It has been called "a perfect storm" for the insurance industry-losses on both the asset and the liability sides of the balance sheet. The German market demonstrates a microcosm of such a storm, where some of the major players are taking double hits from the stock market as well as their underwriting.

A case in point is Munich Re, which bolstered reserves for its American Re subsidiary in July by $2 billion and has estimated that its World Trade Center loss for the Munich Re group will come to $2.6 billion. Between Dec. 2000 and December 2002, Munich Re's net assets ...

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