The insurance industry is "financially prepared to pay the claims that may arise out of significant natural disasters in 2013 and beyond," said Dr. Robert Hartwig, president of the Insurance Information Institute, looking ahead at a predicted active hurricane season.
The industry's claims-paying capital was at a record $608 billion at the start of the second quarter of 2013, driven by premium growth, a reduction in catastrophe losses despite ongoing claims from Superstorm Sandy, and favorable prior-year reserve development. Direct insured catastrophe losses during the first quarter were $3.6 billion, among the costliest on record, but fell by $1 billion in the current period.
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