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Carriers Warned To Buy More Catastrophe Coverage

London

Some primary insurers might not be buying enough reinsurance to protect themselves from the large catastrophes that can be expected to occur every 100 years and upwards, a Swiss Re executive has warned.

“From our studies, it doesnt appear as though the insurance industry as a whole buys adequate protection for the more severe events,” said Andy Castaldi, head of catastrophe perils with Swiss Reinsurance Company in Armonk, N.Y.

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