Monday, January 23, 2012

2011 Disasters Impact Insurance Markets

The Insurance Information Institute has released a presentation on how the near-record breaking disasters in 2011 will impact the property/casualty insurance industry.  Containing detailed, updated numbers for global and U.S. catastrophe losses and the most up-to-date economic information and underwriting and investment performance data, the presentation focuses on four key aspects of the property/casualty insurance market: underwriting; surplus/capital/capacity; reinsurance market conditions; and renewed pricing discipline. The report notes that there were a record $380 billion in global economic losses globally in 2011 and $105 billion in insured losses.  The presentation is made, as usual, by Robert Hartwig, President of the Insurance Information Institute, and was presented recently to the Insurance Federation of New York.  Dr. Hartwig will be one of the speakers at the American Bar Association's Section on Tort, Trial & Insurance Practice's Disaster Preparedness and Response program on Disasters Caused by Terrorist Acts, which will take place in Chicago, on August 3, 2012.  For more information about this program and TIPS Disaster Initiative, please click here.

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