ORLANDO, FLA.--The property-casualty insurance industry can count on a year of catastrophes inflicting insured losses nearly double last year's record $58 billion, an economist warned at an industry conference here.
"We are on a trajectory for a $100 billion year," said Robert Hartwig, senior vice president and chief economist for the Insurance Information Institute.
Mr. Hartwig, who spoke at the annual seminar of the National Council on Compensation Insurance, did not say when this might happen, but gave the impression it could be soon, mentioning the recent increase in intensity and frequency of storms.
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