Can we believe that the rating agencies
If the rating agencies come down on the job “in’91 In it was a bad year for performing an assurance of the economy. A wave of public good chess set panic in the hearts of many insurance Manager and benefits. Experts have sound the alarm. Hearings Congress. The consensus: The assurance of the economy has been to follow the S & ls fixing tubes.
Much of the debt crisis that was published in the doorstop rating agencies - AM Best, Standard & Poor’s (S & P), Moody’s and the rest of enterprises, evaluating the financial health of companies’ insurance and sell their ratings to consumers.
Look at the magnitude of the disaster. During the first direction was the society April, they set a new standard for insurance failures, dwarfing the former recordholder, Baldwin-United. The training lasted four years and will cost $ 400 million; Executive Life gave 10 times more than most.
Only a month later, the first capital of the company was in the headlines. And in July, regulators had to succumb to panic after step insurance has a half-billion dollars of mutual benefit.
But despite the plethora of dire predictions, major bankruptcies did not materialize.
Conversations with representatives, spokesmen for insurance companies and rating agencies itself, an optimistic vision to say that insurance is sound, the rating system works and they have both since well for many years. During the past year has been a mistake, they insist.
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