Matthew helps reinsurance edge closer to bottom
Thursday, 11 24 2016, Category: Insurance and Reinsurance, Country: World
Hurricane Matthew was a timely reminder that the benign loss environment won’t last forever, despite the storm’s final track causing far less damage than initial forecasts had suggested. While the insured loss isn’t expected to turn the softening reinsurance market cycle, it has pushed the sector slightly closer to the bottom, according to Paul Gregory of Lancashire Holdings Limited.
“As we look forward to 2017, we do not anticipate hurricane Matthew having any significant impact to the broader market conditions.
“However, it helps us edge slightly closer to the bottom of the cycle,” said Gregory, Group Chief Underwriting Officer (CUO) and Chief Executive Officer (CEO) of Lancashire Insurance Company (UK) Limited, during the firm’s third-quarter 2016 earnings release call.