Reinsurance loss estimates from Hurricane Katrina trickle in as the nature of the event makes solid estimates problematic.
Zurich-based Swiss Re estimated a net loss burden from this event at $500 million.
"The complexity of the damage caused by the storm and subsequent flooding means estimates have more than a usual degree of uncertainty," the company said in a statement.
Hannover Re estimated its loss before taxes from Hurricane Katrina at $314 million.
"Unscathed by Hurricane Katrina, the rest of Hannover Re's property and casualty reinsurance portfolio continues to perform very well," the company said in a statement.
Hannover said it expected the event to have "further favorable implications" in January 2006, "and we expect to see a significant hardening of the market."
Fitch Ratings London-based analyst Andrew Murray said there is virtually no solvency risk from the event for the major reinsurers.
"Reinsurers are now fairly sophisticated in the way that they monitor and control their exposures to any one event," he said.
Thus, Swiss Re, Munich Re and Hannover Re should see a hit to earnings rather than any risk to balance sheet strength.
Standard & Poor's said the event should not result in any catastrophe bonds hitting their attachment points, and none will face any ratings action.
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