Kansas City, Mo. - While increased frequency of hurricanes is nothing new in historical terms, the enormous growth in coastal population and development is dramatically increasing the potential for insured losses, according to a new paper from GE Insurance Solutions."Demographic trends in Florida and other coastal locations as well as the likelihood of increased frequency and severity of storms should remind the (insurance) industry of the growing exposures it will continue to face. The cost of hurricanes will rise--sooner or later surpassing even those of Hurricane Katrina," says the paper titled "Coastal Warning: The Rising Costs of Hurricane Frequency and Severity."
Kenneth Slack, senior underwriter, global property catastrophe reinsurance, and Larry Spoolstra, chief underwriting officer for North America and Asia Pacific P&C reinsurance, at GE Insurance Solutions co-authored the paper.
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