The passenger Rides in the Storm
RO 1990 NEAR THEIR dark, the landscape is covered with fallen idols Finance USA - Corporate Takeover-hungry artists and investment bankers and spendthrifts of savings and loans boxes. Now, a new candidate emerges from an unlikely quarter: insurers, with its $ 1.9 trillion in assets. Once the utmost caution synonymous with financial policy, insurers, experts in risk management, are themselves in danger. Although the crisis has been building for a period of ten years, he has almost unnoticed until recent years.
1988. After a consumer revolt over rising prices and annotations, California Proposition 103 voters to launch the automobile and property insurers to help reduce the rate of 20 per cent. The reluctance of spreads. Within one year of more than 14000 national accounts are the state legislature to control the industry, with virtually no federal ordinance.
1989. An actuary’s nightmare: Hurricane Hugo, the earthquake in San Francisco and other cases of force majeure, the insurer will cost $ 7.6 billion, the worst year for claims arising from natural disasters aux Etats - Unis. More than 80 accidents property and life insurance companies insolvent.
1990. In June, the traveler Corporation, the company invented the automobile insurance during the year 1897, it ceases to announce the sale of automobile and homeowners policies in nine countries. For larger insurers, which are more Irish consumers.
In the meantime, a subcommittee of Congress, after the publication of its report on the rising number of bankruptcies among the damage and accidents, and revolves around life and health insurance. Many companies in this industry, which controls 72 percent of insurance funds, are in most areas of the troubled financial markets. These giants investors have committed to $ 278.9 billion on real estate and mortgages and factories of $ 50.7 billion-Junk Bonds.
On Friday, OCT. 5, alarm bells sounded throughout the country in the insurance business capital, Hartford, Conn. passenger was reported $ 650 million added to reserves against possible losses on mortgage and real estate, and - even more disaster - it was cutting quarterly dividends on the one hand, thirdly, the first cut in dividends from companies in history. Assekuranz analysts, some of them were pushed recommends the company as reserves the right to purchase were outraged. Moody’s Investor Service and Standard & Poor’s downgraded immediately above $ 1 billion passengers’ debts.
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