PB Week: Catlin talks of "market turning events"
Insurers are still counting the losses from Hurricanes Ike and Gustav , writes Andrew Tjaardstra, editor, Professional Broking , the management magazine for insurance brokers.
Amlin has said it expects the market insured loss from Hurricane Ike alone to be in excess of £9.4bn "due to the impact of the storm both on offshore energy installations and on the mainland." Lloyd’s expects to see net claims of £1.3bn for Ike and Gustav.
Meanwhile, adding to insurers’ difficulties is the plunging stock markets amid global fears of a recession. For its third quarter, Ace reported $1.5bn of net realised and unrealised losses from its fixed income and equities portfolio. Although
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