NU Online News Service, March 28, 12:58 p.m. EDT
Early Japan earthquake loss estimates from two major reinsurers are credit negative for the reinsurance industry because they indicate that reinsurers will take the largest share—perhaps even more than half—of insured losses, according to Moody's Investors Service.
Moody's refers to the $2.1 billion loss estimate made last week by Munich Re and the $1.2 billion loss estimate made by Swiss Re. Munich Re said it expects to miss its 2011 profit target of around $3.4 billion because of first-quarter catastrophe losses.
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