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£118bn liabilities in closed companies – KPMG

Run-off cover of closed books made up 14 per cent of liabilities of all UK life insurers in 2002 up from 8 per cent in 2001 according to a survey by KPMG LLP (UK).

The research shows UK life insurers that had closed to new business had £118bn in liabilities in run-off at the end of 2002.

KPMG says because the figures do not include data from life insurers that have closed only part of their business the overall industry-wide figure will be much higher.

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