Insurers Need To Rethink Catastrophe Reserves
Insurers need to revise their thinking in setting claims reserves for natural catastrophes, according to a study of last years wild hurricane season, which featured a grand slam of events over a short time period.
The research was done for Carvilla Chicago-based intermediary for specialty reinsurance. It was prepared by Carvill's ReAdvisory group, based on an examination of recent weather patterns and hurricane damage to the coastal United States (particularly in Florida). It also highlighted the unusual serial nature and varied paths of catastrophe events.
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