Although Bermuda insurers and reinsurers were hit with more than $3.5 billion in catastrophe losses from worldwide disasters in 2010, roughly $2.7 billion in favorable prior-year loss development helped cushion the blow, according to NU tallies.
Now with Japan earthquake loss totals yet to be determined, but close to $1 billion estimated in other catastrophe losses estimated by Bermuda companies for the 2011 New Zealand earthquake and floods in Australia, it seems less likely that reserve takedowns at year-end 2011 will have a similar effect.
Last week's NU featured a Bermuda Market Update, which included a compilation of year-end income and underwriting results. (See NU, March 14 edition, “Nimble Bermuda Players Seize One-Off Opportunities, Rework Long-Term Plans,” page 20.) The financial-results summary revealed that combined ratios for a group of 17 Bermuda companies averaged 91.5 for 2010—a deterioration of roughly 9 points from the 82.6 overall combined ratio reported for the same group in 2009.
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