Travelers Property Casualty Corporation is setting aside an additional $2.45bn (£1.5bn) to pay potential claims for asbestos-related illnesses and deaths.
The new money will raise the company's total reserves for asbestos claims to $3.4bn (£2.2bn) and force it to report a net loss of $27m (£16.8m) for 2002.
Earlier this week, the company announced it was setting aside $1.3bn for potential asbestos losses.
Experts estimate that asbestos reserves were already weakened by World Trade Centre losses.
Several insurers and reinsurers, including the St Paul Companies; and Berkshire Hathaway have recently increased their reserves for asbestos.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
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.
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.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
