Lloyd’s Affirms Interest in New Zealand Market
Copyright: | (c) 2011 A.M. Best Company, Inc. |
Source: | A.M. Best Company, Inc. |
Wordcount: | 577 |
A predicted exodus of insurers from the
"The reinsurance industry must know that when they take on a risk, they have got to understand it. They need to know the detail and they need to price it at a level which is economic," said Levene in a statement. A sustainable insurance industry is vital in the long run, he added.
The international nature of the Lloyd's market means capacity is available and losses can be balanced, given its risk and geographic diversification. "No one knows exactly when and where disasters are going to happen, but Lloyd's is here to make good when they do," said Levene while on a recent visit to
Lloyd's said it expects claims of at least
The
A spree of natural disasters, including earthquakes and aftershocks in
Unavailable reinsurance led Civic Assurance, which is owned by local governments and insures most municipal councils, to withdraw offerings of property insurance for 46 of 78 councils in
"In the context of local authority assets, global reinsurers are demanding more data to better understand and price risk. This issue of insurability is generally not anticipated to extend to commercial markets," said
"Insurance is a numbers diversification game. Smaller companies would need more reinsurance than larger companies. Similarly, smaller economies depend on global reinsurers more than larger economies," Chung said. "While the
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