Insurance Market Update — Spring 2011
Published: 21-Apr- 2011 | Comments: 1
In the wake of devastating, geographically diverse natural catastrophes, insurers and reinsurers worldwide have undertaken a comprehensive review of their loss exposures, risk aggregations and adequacy of rates.
The scope and severity of seasonal Australian floods; winter storms and flooding in the U.S.; the February 22 earthquake near Christchurch, New Zealand; and the devastating March 11 earthquake, tsunami and nuclear disaster in Japan have also impelled organizations to re-examine and reassess supply chain vulnerability to such events and the efficacy of their risk management programs. In addition, the recent tornadoes that affected Midwestern and Southern U.S. states are likely to result in yet-to-be-determined but "significant" insured losses.
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