Quiet Hurricane Season Keeps Insurance Losses ‘In Line’
The world’s second-largest reinsurance company announced this week that natural catastrophe losses rose from $22.7 billion in 2009 to $31 billion in the first 11 months of 2010. Man-made disasters — notably British Petroleum’s Deepwater Horizon oil rig explosion and the ensuing oil spill — have spurred about $5 billion in claims. Florida residents will not be surprised to hear that hurricane losses this year have been relatively low, resulting in a less egregious increase in insurance losses than initially expected.