Wednesday, November 18, 2009

 

Fitch is warning Insurers Face $23 Billion Loss on Commercial Property

U.S. life insurers, a group led by MetLife Inc. and Prudential Financial Inc., may lose as much as $22.6 billion on investments in commercial real estate through 2011, Fitch Ratings said.

Losses on investments in apartment buildings, offices, shopping malls and other commercial real estate will begin to increase in the next 6 months to a year as rents decline and vacancies increase, said Fitch Senior Director Andrew Davidson. Life insurer losses on commercial real estate have been “virtually nil” so far, he said...

Mish: Fitch is warning Insurers Face $23 Billion Loss on Commercial Property.

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