Commercial-mortgage defaults and declining commercial mortgage-backed securities values could combine to give life insurance companies in the U.S. $10 billion in losses during the next three years, Moody's Investors Service said in a statement. Robert Riegel, managing director at Moody's, said the figure was raised from the rating agency's $7 billion estimate earlier this year. The losses on commercial real estate will be enough to "dampen earnings" for the life insurers, he said.

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