Reinsurers of U.S. hurricane risk will play an important role in covering the losses of Hurricane Ike, which battered the Texas coast on Saturday, causing estimated insured property damage between $6 billion and $18 billion, according to a Bermuda insurer-reinsurer association.
The reinsurers are predominantly located outside of the United States, with a large number located in Bermuda, the Association of Bermuda Insurers and Reinsurers (ABIR) said in a statement.
"The global reinsurance market plays an integral role in spreading U.S. hurricane risk around the world. Without it, the risk would be concentrated in a single state or geographic region, with the result being higher insurance costs for U.S. consumers," ABIR said.
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