The first quarter of 2011 was challenging for reinsurers. Predicted as the industry’s most costly first quarter on record, the past four months produced insured losses from catastrophes in Australia, Japan and New Zealand and political unrest in the Middle East and North Africa. The earthquake and subsequent tsunami in Japan alone is likely to make the event history’s most-expensive insured loss outside of the United States—current modeled estimates predicted at an insured loss of between $12 billion and $30 billion.
These challenges were top of mind when global risk and reinsurance specialist Guy Carpenter & Co. LLC released its annual report on the state of the reinsurance market at the April 1 renewals period.
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