A 9/11 event that combines with severe hurricanes to create a 12 month loss above $120 billion could tap out reinsurance sources for insurers, a paper from GE Insurance Solutions predicts.
The report also noted that intense coastal development means the cost of hurricanes is rising and will eventually outstrip Hurricane Katrina, which caused $38 billion in insured losses.
The commentary is titled "Coastal Warning: The Rising Costs of Hurricane Frequency and Severity."
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