Credit losses in the municipal bond market for U.S. property and casualty insurance companies are projected to remain low, but the market is still at risk due to high muni exposure, according to a Moody's Investors Service report.

Losses could amount to $500 million for the entire property and casualty muni portfolio, Moody's said, which is a relatively low amount for an industry that has exposure to $355 billion of muni bonds.

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