Insurers Well Positioned to Face Hurricane Season: FM Global

Insurers Well Positioned to Face Hurricane Season: FM Global
Reuters (06/28/10)

WSI expects 20 names storms, 11 hurricanes, and five intense hurricanes of Category 3 or higher in the 2010 Atlantic hurricane season. FM Global Vice Chair of the Board of Directors Ruud Bosman reports, "The global property insurance industry is well capitalized at the moment following strong underwriting results from a successful 2009 for insurers, and recovering financial markets." Property and casualty insurers in the United States are well capitalized and could withstand a strong hurricane season even though pricing has declined slightly. A recent Fitch Ratings report concurs, noting that the property and casualty insurance sector has been financially solid over the last decade, though growth in terms of capital and premiums has slowed in recent years. Property pricing is expected to remain flat in 2010, but Bosman notes that some prices have declined by 5 percent.
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