Hurricane Katrina and other third quarter catastrophes has already made 2005 the costliest year ever for six major European reinsurance groups, according to a risk intermediary firm's latest analysis.
The finding was made in the "European Reinsurance Quarterly," a 27-page report from Benfield's Industry Analysis and Research team in London. The six reinsurers they examined are Alea, Converium, Hannover Re, Munich Re, SCOR and SwissRe.
Benfield noted that before Katrina, a calm second quarter had brought catastrophe loss ratios for the first half year into line with long-term averages. Despite some further reserve strengthening, good operating results in other business lines boded well for strong results for the full year.
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