Stamford, Conn. — Marred by the clash of equity and credit-related losses on their asset portfolios, catastrophe losses resulting from an active hurricane season and an anticipated spike in directors and officers liability (D&O) claims, the U.S. property/casualty industry’s reported statutory surplus at the end of the third quarter is projected to decline as much as $42 billion, or 8%, from the beginning of the year, according to estimates from global professional services firm Towers Perrin.
Additionally, if the stock market doesn’t recover from steep losses precipitated in recent weeks by the financial crisis gripping the world, the surplus decline could approach $80 billion, or 15%, by the end of the year, the Stamford, Conn.-based company said.
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