With June 1 marking the start of what is expected to be another busy Atlantic hurricane season, insurers are better prepared to handle claims should “The Big One” strike, one leading consultant says.
Indeed, since 2005, insurers have become more capable of absorbing a catastrophic event, thanks to better management of their risk concentration, as well as development of more efficient claims-handling capabilities, according to David Langdon, vice president with Towers Perrin's reinsurance business, based in Hartford. “They will be prepared,” he said.
The soft market will have no impact on companies meeting their obligations, he added, because there is an abundance of reinsurance capacity that is enabling insurers to pass on rate decreases to consumers.
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