The chief executive of a major wholesale insurance broker said commercial insureds can conceivably see requests for double-digit increases for catastrophe risk coverage as reinsurance rates rise and insurers grapple with investment losses on their balance sheets.
Edison, N.J.-based NAPCO said this year's renewals will stand in sharp contrast to the reductions or flat renewals that characterized the category in 2008.
"The two wind seasons following Katrina in 2005 were relatively inconsequential from an insurance loss perspective," David Pagoumian, chief executive officer of NAPCO, said in a statement.
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