(Bloomberg) Insurers got burned badly in the 2008 financial crisis. So almost a decade later, BlackRock Inc. scoured the industry’s $5 trillion in U.S. investments to figure out how they would fare if markets crash so hard again. The answer: It could be worse. The world’s largest money manager mined regulatory filings of more than 500 insurance companies and modeled their portfolios in a similar downturn. The stockpiles — underpinning obligations to policyholders across the nation — would drop by 11 percent on average across more than 260 property and casualty insurers in that group, according to its calculations. That’s significantly steeper, BlackRock estimates, than their “mark-to-market” losses during the depths of the crisis.

To read this article: