After taking into account estimated Thailand-flood losses at Swiss Re and Munich Re, Moody's Investors Service says it expects the event to "meaningfully hit" the reinsurance industry's fourth-quarter results, but notes that it should also add to the current momentum for price hardening.
Moody's says in its Weekly Credit Outlook that it expects the largest global reinsurance players to report the highest losses. "In addition to Swiss Re and Munich Re, these players include Hannover Re, Lloyd's of London, SCOR, Berkshire Hathaway and Partner Re," says Moody's.
Last week, Munich Re said it expects its share of losses from the flooding to be around €500 million (more than $650 million at the current exchange rate) net before tax.
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