Harvey to slash European reinsurers’ income by 1/3
Wednesday, 08 30 2017, Category: Insurance and Reinsurance, Country: Europe
Hurricane Harvey could slash European reinsurers’ net income by nearly one third with insured losses reaching up to $10-20 billion, or more given the extent of flood damage, analysts predict this could stabilise but not significantly impact the soft market pricing cycle.
European reinsurers could see a net loss of 27% of net income or around 2% of Solvency II funds, according to Morgan Stanley estimates.
Major insured losses are expected to come from cover for commercial policies which could heavily impact insurers and reinsurers’ budgets.