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Reinsurers suffer worst Q1 for nat cats

31 March 2010

An unprecedented $16bn in losses from the Chilean earthquake, European storm Xynthia and other natural catastrophes have made the first three months of 2010 the worst first quarter on record for such events, according to the latest renewals report from Willis Re.

Read more: European storm Xynthia natural catastrophes Willis Re Chilean earthquake nat cats Peter Hearn

An unprecedented $16bn in losses from the Chilean earthquake, European storm Xynthia and other natural catastrophes have made the first three months of 2010 the worst first quarter on record for such events, according to the latest renewals report from Willis Re.

The report said that following a year of historically low frequency and severity of losses and resulting excellent financial performance, the first quarter 2010 results of reinsurers will, for the first time in many years, be worse than those of their primary insurance company...


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Poll

Catastrophe bond issuance was $4.3bn in 2011. How much new issuance will there be in 2012?

Less than $3bn
0%
$3bn-$4bn
44%
$4bn-$5bn
22%
$5bn-$6bn
11%
$6bn-$7bn
22%
More than $7bn
0%

Quote

If last year was the year of the cat, then this year could be the year of the debt crisis.

Mike Van Slooten, head of international market analysis at Aon Benfield