NU Online News Service, April 22, 2:59 p.m. EDT
After record 2011 first-quarter catastrophe losses that outpaced man-made and natural catastrophe losses for all of 2010, facultative reinsurance rates in many regions have begun to firm, and are set to increase through 2011, according to an Aon Benfield report.
According to the report, “Bringing Fac Into Focus: Q1 2011 Review,” the 2011 first quarter “will go down in history as being the worst quarter ever for the brutal severity of losses to the global insurance and reinsurance markets.” Aon Benfield says the insurance and reinsurance markets are expected to see about $52.6 billion in losses, which is a $12 billion increase over the total man-made and natural catastrophe bill of $40.6 billion in all of 2010.
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