Cat Re 2002: A Different Hard Market?
One of the few statements that can be made with certainty about the world catastrophe reinsurance market is that it is a hard marketdefinitively so. The firming of 2001, which was driven largely by industry concerns over profitability levels and shareholder perceptions, has been replaced by a severely hardened market, fueled by dire balance sheet worries.
The effects of the Sept. 11, 2001, terrorism losses, coupled with the reemergence of asbestos, corporate scandals in the United States, and ailing global equities markets, have left reinsurers wringing their hands over capital adequacy, policyholder surplus, and rating agency assessments. A continuing lack of retrocessional capacity has compounded these concerns.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
