The hurricane season kicked off today with Lloyd's America saying that insurers should be able to handle storm losses without government help, while a U.S. rating firm predicted a mega-catastrophe could wipe out 40 insurers.
Lloyd's America President Wendy Baker said a national catastrophe fund is not necessary so long as insurers do the proper underwriting, while A.M. Best Co. saw a prospect for insurer failures.
Ms. Baker, speaking at the WorldBoston forum in Boston, said a federally backed catastrophe fund is not needed. She added that the vast majority of natural perils are insurable, provided insurers factor in the threat of global warming and the growing cost of weather-related catastrophes.
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