Small cats, big problems
Friday, 03 25 2016, Category: Insurance and Reinsurance, Country: World
It’s not just the rare large cat events that concern reinsurers: it would be a mistake to dismiss the impact of frequent smaller catastrophes on the global risk and capital supply chain, says Tom Johansmeyer, assistant vice president, reinsurance services, marketing at ISO/Verisk Insurance Solutions.
Was 2015 a small catastrophe year or a big one? According to conventional wisdom, last year was barely a blip on the radar. US and Canadian insured catastrophe losses combined approached only $15 billion. With the exception of the fourth-quarter tornadoes in Texas, natural catastrophe merited little more than a footnote in discussions around the January 1, 2016, reinsurance renewal.
Source: Intelligent Insurer