Although the insurance outlook for the year ahead is much more upbeat than it was this time last year–when the industry was awaiting massive loss estimates from Hurricane Katrina–this is no time for the insurance industry to relax, warned Julian James, director of worldwide markets for Lloyd's.
"From our standpoint and most people's standpoint, the financials will be better because we're not sitting here with the prospect of paying $5.5-to-$6 billion for hurricane claims," Mr. James told National Underwriter in an interview here.
"But it doesn't change the fundamental risk profile of the world, and that is that the risk is still there, whether it's a risk of earthquake or hurricane," he added.
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