NU Online News Service, Dec. 6, 1:34 p.m. EST
The lack of hurricanes making U.S. landfall this season is credit positive for reinsurers, according to Moody's Investors Service, as 2010 experienced worldwide natural catastrophe losses about in line with the average over the last 20 years.
Moody's said the lack of hurricanes hitting the U.S. will support the 2010 underwriting results of firms that have otherwise experienced significant catastrophe losses elsewhere in the world, including European Windstorm Xynthia and earthquakes in Chile and New Zealand.
While 2010 losses are about in line with the average over the last 20 years in 2009 dollars--losses are expected to be approximately $36 billion, according to Swiss Re--Moody's noted, "Clearly, the absence of major losses during 2010's hurricane season prevented above-average losses from being worse."
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