Reinsurers miss the Irene bullet
Hurricane Irene will hit primary insurers' pockets rather than being passed to reinsurers, analysts and ratings agencies predicted after the storm became the first to hit the US coast in three years.
Large US insurance companies will retain most of the claims, as losses are not expected to be high enough to activate their reinsurance programmes.
For example, market leader State Farm - with a circa 10 percent share - holds a $2bn retention, while number two insurer Allstate has...
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