“It has been a momentous year so far, one for the record books,” said Dr. Robert P. Hartwig, I.I.I. president and economist, who spoke at Munich Re's web seminar titled, “2011 Half-Year National Catastrophe Review,” along with Dr. Peter Höppe, head of Geo Risks Research/Corporate Climate Center, Munich Re, and Carl G. Hedde, head of risk accumulation at Munich Reinsurance America, Inc.

Dr. Hartwig noted that three events of the past six months have been added to the list of the 16 costliest insured world disasters, emphasizing that this year has been unusual in the number of major disasters that fell outside of U.S. soil. He also went on to explain a “sense of rewriting the economics of the history of disaster in the U.S. and on the global scale.” Other than the sheer magnitude of loss incurred this year, Dr. Hartwig said the tremendous efforts by insurers to help those in storm-ravaged areas have been noteworthy.

After comparing the catastrophe activity of this year against prior years dating back to 1953, the speakers shifted focus to the implications on the U.S. P&C industry, adding that “profit recovery will be set back by the high catastrophe losses.”

Despite these pressures, Dr. Hartwig pointed out that the industry is nevertheless able to weather a soft market and series of large-loss events.

“The P&C portfolio is extremely liquid,” he concluded. “There is no question that the industry is able to meet all of its commitments both here and abroad.”