INSURERS got burned badly in the 2008 financial crisis. So almost a decade later, BlackRock Inc scoured the industry's US$5 trillion in US investments to figure out how they would fare if markets crash so hard again. The answer: It could be worse.
The world's largest money manager mined regulatory filings of more than 500 insurance companies and modelled their portfolios in a similar downturn. The stockpiles - underpinning obligations to policyholders across the nation - would drop by 11 per cent on average across more than 260 property and casualty insurers in that group, according to its calculations. That's significantly steeper, BlackRock estimates, than their "mark-to-market" losses during...
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