American insurers are expecting record losses for 2011

In view of the weather events of the first quarter, American insurers are expecting losses of about 10 billion USD over the whole of 2011. According to the agency Eqecat, losses will be up by 2 to 4 billion USD compared to the average, in addition to exposure to foreign disasters, especially in Japan and New Zealand.

These two events have cost Berkshire Hathaway 1.48 billion USD, which informed the market that it could end the year on a loss, the first in 9 years. Hartford Financial Services and Allstate Corp. also reported a significant increase of their loss experience due to natural catastrophes.

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