The effects of recent hurricanes combined with the troubled financial markets could lead to a hardening market, according to a Swiss Re official.
Brian Gray, chief underwriting officer of Swiss Re, offered the assessment of the market as the reinsurer announced its expected losses from Hurricanes Gustav and Ike. "The combination of this year's natural catastrophe activity, along with investment market performance, is likely to accelerate the ending of the soft market," he said.
Swiss Re announced it expects losses from Ike to be approximately $250 million, while the total from Gustav is expected to be about $50 million.
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