Or maybe the 1% to 3% interest bonds the insurance companies bought in past years now have to be “marked down to market price” creating a “paper loss” for accounting purposes?

Banks have this same problem with old bonds
even if they intend to hold the old bond until it matures
which does not create a actual loss.

The Wall Street Journal has an article today titled
“Declining Index Points to Economic Downturn”
which says the “Leading Economic Index” compiled by the private “Conference Board
is predicting a mild USA recession next year.

The whole idea of an insurance company is to predict how much money is needed to survive the future,
and the future of the next couple years looks darker?