General Electric Co ranks among the riskiest backers of long-term care insurance...
) ranks among the riskiest backers of long-term care insurance, suffering from both high exposure to claims and a relatively small cash pile to pay them, Fitch Ratings said in a report on Tuesday.
Fitch said GE is not alone, and that many insurers still have not set aside enough money to cover losses expected on long-term care policies, which are unusually risky because the costs are volatile and vulnerable to interest rate changes. Even insurers that have taken a more conservative stance and set aside more money have not avoided losses, Fitch said.
The other insurers cited as having below average reserves and very high exposure are Genworth, Unum Group and Senior Health Insurance Co of Pennsylvania.
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