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To: Probity who wrote (9175)	12/15/1998 9:03:00 PM
From: Probity	Read Replies (1) \| Respond to of 10786

FWIW- This just came out over the Reuters news wire 20 minutes ago. Millennium bug may cost insurers $6.58 bln -report OLDWICK, N.J., Dec 15 (Reuters) - The insurance industry will have to spend some $6.58 billion to rid itself of the millennium computer bug that threatens to cripple software and information systems beginning in the year 2000, a magazine report said. The estimate in the Dec. 14th edition of the magazine BestWeek refers to the total cost for the entire industry to fix the so-called Year 2000, or Y2K, problem. Glitches could arise because some software uses only two digits to specify years in date reference. Systems with date fields made up of two rather four digits may interpret the year 2000 as the year 1900, for example, possibly causing them to crash or spit out flawed data. The BestWeek article arrived at the $6.58 billion figure by starting with the $2.16 billion cost of fixing the systems of the 60 largest publicly traded U.S. insurers -- as recorded in their individual filings with the U.S. Securities and Exchange Commission. The article then estimated the total cost to the entire industry on a proportional basis. That estimate excludes any potential legal liabilities that insurers would face if their systems malfunction. -------------------------------------------------------------------------------- Related News Categories: US Market News ---------------------------------------------------------------------- If anybody has any contacts in the insurance industry, please drop them a line and give them Bob's phone number. <g> Probity