Insurance leaders were of two minds when it came to catastrophes at the industry's recent annual "family reunion"—citing grave concerns about the massive losses they endured and the impact on their 2011 bottom lines, while at the same time looking back with pride on how well they performed during the worst of times for their policyholders.
Cat losses were a prime topic for discussion among the CEOs and association leaders on hand for the Property/Casualty Insurance Joint Industry Forum, both during the two formal panels and the networking breaks as well.
First and foremost, insurers were justifiably pleased they were able to so efficiently handle the wide array of disaster losses across the country last year, including tornadoes, hurricanes, snowstorms, flooding and wildfires. In particular, the industry's response to the devastating tornado that hit Joplin, Mo. in late May was cited. Insurer cat-recovery teams were on the scene in Joplin within hours after the deadliest tornado in decades, which resulted in 158 fatalities and more than $2 billion in insured damages.
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