Between Atlantic hurricanes and Pacific typhoons, the 2004 storm season has already generated record catastrophe (CAT) losses which will reportedly encourage many insurers to rethink their CAT reinsurance coverage.
The U.S. quartet of hurricanes – Charley, Frances, Ivan and Jeanne – all feature in the Top 10 most costly and the aggregate insured loss is currently estimated at U.S.$25bn, well ahead of the previous record loss from Hurricane Andrew in 1992, which would be U.S.$20bn at current value.
Ten successive typhoons in Asia have further escalated 2004 catastrophe claims.
Benfield’s review of these losses, which includes just released third quarter results for major reinsurers, provides a detailed overview of latest damage estimates from the storms, and considers their impact on reinsurance markets in Bermuda, Europe, London and the U.S. The report also discusses the potential effect on catastrophe pricing and demand for CAT cover in the 2004/5 renewals season.
A full copy of the report titled 2004 Catastrophe Losses: Hurricanes Hardly Ever Happen can be viewed online at www.benfieldgroup.com/research and printed copies can be obtained by contacting IAR@benfieldgroup.com.
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