Much like a farmer bringing in his crop in the fall, U.S. property/casualty insurers have harvested significant reserve redundancies, according to a report issued today by Moody's Investors Service, leaving a narrower cushion for the next 12 to 24 months.

The report, "U.S. P&C Insurers Harvest Significant Reserve Redundancy," cites a weak pricing environment as P&C insurers' primary impediment to building reserves at the same pace as recent years.

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