NEW YORK—As markets grow in developing countries and losses escalate, insurers will have to reassess risks and likely consolidate to meet the rising demand for coverages and limits, an industry executive says.
In an address here yesterday before a joint meeting of the Association of Professional Insurance Women and The New York Chapter of CPCU Society, Clive R. Tobin, chief executive officer of Torus Insurance Holdings LTD, said the staggering cost of loss is challenging insurers to find more ways to raise finances and “build relationships with the capital markets.”
In the late 1970s, he recalled, a commercial account would submit an application seeking coverage for $25 million to $50 million in loss. Today, he said, corporations seek programs that want coverage terms up to $5 billion in some cases, or they won't entertain further discussion.
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