Commercial property-linked investments could be a problem
Michael Moriarty, the New York Insurance Department's deputy superintendent of property and capital markets has warned that commercial property-backed investments will be the next trouble spot for insurers, Dow Jones reports.
"There will be more losses in these securities going forward. With unemployment at 10%-plus, there is less need for commercial real estate, and some of that has not gone through the system yet," he said
The National Association of Insurance Commissioners (NAIC) will re-examine requirements for the amount of risk-based capital insurers need to hold against residential mortgage-backed securities at the end of 2009.
NAIC said it will continue the process in 2010, and Moriarty said that commercial mortgage-backed securities will get the same type of examination.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
