NEW YORK: General Electric Co 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 that sent GE's shares tumbling.
But others said long-term policies differ significantly in benefits and costs to insurers. In general, long-term care coverage, which pays for assisted living and nursing home stays, has turned out to be far more expensive than insurers assumed when they sold policies decades ago, and has tipped some insurers into financial loss and even bankruptcy.
In a statement, Genworth said its believes its reserve-setting process is appropriate and that it strong disagrees with Fitch's view that its assumptions about future premium increases are too optimistic. "When you compound all of that together, looks much riskier than what the rest of the industry maintains," Beato said.
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