NU Online News Service, Sept. 9, 11:45 a.m. EDT
Reinsurers are taking the brunt of insured losses caused by the Chilean earthquake in February, as the country's insurance market cedes about 90 percent of catastrophic risk to the global reinsurance industry, according to Standard & Poor's.
The event has put "a significant dent" in the catastrophe budgets of many reinsurers. "In fact, in many cases, catastrophe losses have already exhausted more than half of reinsurers' budgets, thereby reducing the built-in cushion for the remainder of the year," S&P said in a report, "Reinsurers Foot the Bill For Chilean Earthquake Losses."
Though early estimates of losses were between $2 billion and $10 billion, the range increased to $8-to-$12 billion as more information became available about the extent of damages.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
