New York--Catastrophe events have always been a fact of life for property insurers, but now severity as well as frequency of such losses is on a significant upswing, an analyst at an insurance conference here observed.
Speaking here at the S&P 2005 Insurance Seminar in New York, S&P Managing Director Damien Magarelli cited numbers from 2004 to illustrate the point that property-CAT losses may indeed be on the rise for insurers.
Last year, Mr. Magarelli noted, there were $120 billion in economic damages worldwide, including $46 billion in damages for property insurers. Among those losses, 68 percent occurred in North America.
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