NU Online News Service, March 31, 2:24 p.m. EDT
The reinsurance industry is well-positioned to absorb first quarter catastrophe losses that could rise as high as $42 billion, according to reports released today, and while pricing is expected to improve, another event may be needed to spur global hardening.
A Willis Re report, "Shaken and Stirring," says 2011 first quarter losses—including Australia flooding and Cyclone Yasi, the February New Zealand earthquake and the March 11 Japan earthquake and tsunami—could cause about $60 billion in losses to the global insurance industry, of which between $35 billion and $42 billion would be passed from primary insurers to reinsurers.
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