BIG INSURANCE FIRMS HIT BY CANCELLATIONS

Large insurance companies are being drained of assets by widespread cancellation of policies as individual and corporate customers become increasingly concerned about the firms' safety and solvency, according to Weiss Research Inc., publisher of the Insurance Safety Directory.

During the first nine months of 1991, insurance firms with $1 billion or more in assets suffered policy surrenders totaling more than $60 billion, up from $52 billion during the same period in 1990.