Despite the brief respite from hurricanes hitting the U.S. coast in 2006, carriers can expect an increase in storm losses in the coming years, according to two reports issued this week.
Rick Clinton, president of Oakland, Calif.-based EQECAT Inc., said during the “near-term” of the next ten years the storm risk will be higher than the long-term average derived from more than 100 years of data.
“We believe this assessment should be considered by insurance companies, policyholders, rating agencies, investors and regulators as we move through future hurricane seasons,” he said.
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