Waiting for a $250bn industry loss
Tuesday, 09 04 2018, Category: Insurance and Reinsurance, Country: World
A $250 billion industry loss may be needed to turn the market after a combination of hurricanes, earthquakes and wildfires costing the insurance industry over $140 billion in 2017 resulted in only moderate rate increases, according to broker JLT.
David Flandro, global head of analytics at JLT Re believes that an unexpected or exceptionally large loss is now required to turn the market. “A $250 billion industry loss is not beyond the realm of possibility, while several years of record losses would alter market dynamics,” he said in a market report.
Source: Intelligent Insurer