$3.65bn Irene loss reduces reinsurance impact
Loss compilation agency Property Claims Services (PCS) placed initial insured losses from Hurricane Irene at $3.65bn last month, The Insurance Insider revealed.
The first PCS estimate reinforced predictions from other
agencies that reinsurers will face relatively small losses for the
landfalling US hurricane, with most of the costs retained by
primary insurers.
Lloyd's, however, is working according to a higher forecast
that puts industry losses at $3bn-$6bn, as revealed in the
market's half-year results, which were released last month.
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