GE Shortfall Just Part of Insurance Industry’s $100 Billion Gap [Bloomberg Business News]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: Bloomberg Business News
General Electric Co. shocked Wall Street last month when it announced a reserve shortfall of $15 billion in its portfolio of long-term-care insurance. Wall Street better get used to it. It’s an industrywide problem. There’s fear among analysts and some investors that GE may have to reserve more. Altogether, long-term-care insurers will have to boost reserves by more than $100 billion, according to Mike Kreidler, Washington state’s insurance commissioner. The insurers’ eventual gap may ultimately surpass $300 billion, Credit Suisse Group AG analysts said last year. Twelve million Americans will need the coverage by 2020, according to America’s Health Insurance Plans, a trade group. MetLife Inc. , Prudential Financial Inc. , Genworth Financial Inc. and Manulife Financial Corp. ’s John Hancock unit are among the insurers that have offered long-term care. It helps pay for nursing homes, assisted-living facilities and other aid for pe
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