Total U.S. p-c industry exposure to subprime- nvestments less than $15 billion.

A rating firm said U.S. property-casualty insurers face little impact on their portfolios from the subprime mortgage market collapse, but European carriers could face legal claims, according to an insurance brokerage.

For the p-c industry overall, investments in all forms of non-government, non-agency mortgage-backed securities, asset-backed securities and collateralized debt obligations amount to 16 percent of total industry policyholder surplus. Residential mortgage-backed securities portion is 6 percent and that the equivalent of 1 percent of surplus was rated single-A or lower as of year-end 2006.

In London, representatives of the financial institutions practice of Marsh turned their attention to the subject of potential claims for directors and officers liability insurers and errors and omissions (professional liability) insurers.

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