NEW YORK–The record catastrophe losses of 2004 and 2005 have resulted in a meaningful shift of insurance risk from reinsurers down to policyholders and the public, a leading property-casualty analyst said this morning.
Speaking at the Standard & Poor's annual insurance conference here, Morgan Stanley property-casualty analyst William Wilt said efforts by Allstate and some regulators to develop public catastrophe funds are indicative of this new movement.
"What we have learned is that risk-sharing needs to include entities outside insurers and reinsurers," he said.
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