AM Best has released its estimates for catastrophe-related losses experienced by the US property & casualty industry through the first nine months of 2011, which show that losses so far have nearly doubled total year-end 2010 losses...
The estimated total net pre-tax accident-year catastrophe-related losses during the first nine months of 2011 were $38.6bn, up $22.5bn, or 140%, from an estimated $16.1bn reported during the same period a year ago.
Total net pre-tax accident year catastrophe-related losses in 2010, according to AM Best, were an estimated $19.6bn.
AM Best said it believes the overall industry has the capital to effectively absorb the losses, but notes that impact from natural catastrophes during the first nine months of the year is material to the industry from an earnings perspective.
Source: Postonline