While 2009 will be remembered as an economic disaster for many insurers, U.S. P&C and global reinsurance industries can claim at least one minor victory. With a quiet 2009 hurricane season, they were able to rebuild balance sheets following an estimated $28.2 billion in catastrophe losses during 2008, according to an A.M. Best Co. special report.
But, they are bracing the 2010 hurricane season, which experts are predicting could be potentially as active as 2005—Hurricane Katrina, Hurricane Wilma and Hurricane Rita. In fact, according to the report:
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