NU Online News Service, Sept. 23, 9:15 a.m. EDT
The global recession has demonstrated that insurers' reliance on the capital markets to fund catastrophe risk can put them at financial risk, said the president of the Insurance Information Institute.
Robert P. Hartwig, I.I.I. president, speaking at a recent conference in Australia sponsored by Aon Benfield Australia Ltd., said the global economic crisis brought on by the U.S. subprime mortgage sector meltdown in mid-2007 "spread with remarkable speed and ferocity to challenge the operations of every segment of the global financial services industry, including insurance."
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