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Major Hurricane This Year in U.S. Could Have "9/11 Impact" on Insurance Industry

According to Axis Capital Holdings Ltd. CEO John Charman, if a major hurricane makes landfall in the United States this season, it could have a...
April 7, 2011

According to Axis Capital Holdings Ltd. CEO John Charman, if a major hurricane makes landfall in the United States this season, it could have a "9/11-style impact" on the insurance and reinsurance industry due to current high levels of catastrophe losses already sustained in the first quarter. Reinsurance rates already are on the rise because of the earthquakes in New Zealand and Japan, and Charman expects Bermuda's market to be well positioned to benefit from any market dislocation. Other insurance experts say that the quakes in New Zealand and Japan will have only a regional impact on rates.

Read about hurricanes in "Major Hurricane Could Have 9/11 Impact" (Bermuda Royal Gazette 04/05/11)

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