Tropical storms accounted for close to half of insured losses from 1988 to 2007 and those losses appear to be getting more frequent in recent years, said Robert P. Hartwig, president of the Insurance Information Institute.
His comments came during the “2008 Natural Catastrophe Review” sponsored by Munich Re Group and the I.I.I. Mr. Hartwig joined Carl Hedde, head of Risk Accumulation, Munich Re America, and Ernst Rauch, head of Corporate Climate Center, Munich Reinsurance Co.
“It is a fairly interesting point that approximately three-fourths of the insured catastrophe losses in the United States are in fact associated with just two perils, those being tropical events as well as tornados,” said Mr. Hartwig.
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