Magazine date:
Jul 2011 Insurers hope that the hurricane season in the United States will allow a price adjustment. The season, which runs from June 1 to November 30, could be a turning point for an industry where competition has had a dramatic effect on prices since 2008.
Across the globe, insurers and reinsurers have had to deal with catastrophic claims totaling 50 billion USD in the first quarter of 2011, more than the whole of 2010. Analysts estimate that in addition to the major catastrophes already sustained in Japan, New Zealand and the United States, only one hurricane of 20 billion USD would be enough to overturn prices and trigger higher tariffs.