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November 20, 2002 at 07:00 PM
NU Online News Service, Nov. 20, 10:05 a.m. – U.S. life insurers may have a tough time buying financial reinsurance this quarter to beef up their statutory capital levels, according to a new report by Fitch Ratings, Chicago.
Financial reinsurance is a relatively new type of reinsurance that can improve insurers’ statutory capital levels by protecting them from swings in financial performance and other types of financial risk.
Total U.S. life insurance adjusted surplus fell 3.4% during the first half of the year, to $170 billion, as a result of investment losses, decreases in investment income, increases in claims reserves, and decreases in variable-annuity fees, Fitch says.
