This year may prove to be a record-setting one in terms of insurance losses as natural catastrophe events hit numbers not seen in decades, but that would not necessarily translate into a market turning event, insurance representatives said.
During a Web seminar sponsored by Munich Re today, executives from the insurer and Robert P. Hartwig, president and chief economist for the New York-based Insurance Information Institute, discussed the insurance losses suffered from natural catastrophes so far this year and their implications for the industry.
Carl Hedde, head of risk accumulation for Munich Re America, said that using figures gathered by the insurer, within the United States the number of incidents and insurance losses the industry is seeing is reaching record proportions.
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