A New Reality for Property & Casualty Carriers

Apr 19, 2001, 01:00 ET from Swiss Re

    NEW YORK, April 19 /PRNewswire/ -- A new world order may be taking shape
 for property and casualty insurers and it could shake many an unprepared
 carrier to its very foundation, reports the latest issue of "review," the
 monthly newsletter published by Swiss Re.
     This new regime comes as a result of the birth and subsequent rise of
 billion-dollar-plus insured natural loss events that fall outside the realm of
 earthquake, hurricane and flood, says "review," published in Swiss Re's
 Toronto, Ontario, Canada office. Not all that long ago, such events were
 thought to be highly unlikely, if not downright impossible. But since the
 mid-1980s, the roll call of such losses has proven naysayers wrong.
     Such events as tornadoes, hailstorms, ice storms and urban wildfires are
 now known to be able to cause billions in insured damage. If the observations
 mentioned in "review" are indeed something to take note of, and natural perils
 outside the traditionally obvious threats of earthquake, hurricane and flood
 are becoming something that must be reckoned with; then results for many P/C
 carriers in North America could become a lot more volatile in the future. And
 some carriers may have to completely rethink how they protect their bottom
 lines and keep their shareholders happy.
     The publication can be downloaded at:
 http://canada.swissre.com/e/canada/publications/swiss/anew.html
 
     Swiss Re is a leading reinsurer and the world's largest life reinsurer.
 With more than 9000 employees, Swiss Re is represented at more than 70 offices
 in over 30 countries worldwide. Swiss Re is rated "Aaa" by Moody's, "AAA" by
 Standard & Poor's and "A++" by A.M. Best.
 
 

SOURCE Swiss Re
    NEW YORK, April 19 /PRNewswire/ -- A new world order may be taking shape
 for property and casualty insurers and it could shake many an unprepared
 carrier to its very foundation, reports the latest issue of "review," the
 monthly newsletter published by Swiss Re.
     This new regime comes as a result of the birth and subsequent rise of
 billion-dollar-plus insured natural loss events that fall outside the realm of
 earthquake, hurricane and flood, says "review," published in Swiss Re's
 Toronto, Ontario, Canada office. Not all that long ago, such events were
 thought to be highly unlikely, if not downright impossible. But since the
 mid-1980s, the roll call of such losses has proven naysayers wrong.
     Such events as tornadoes, hailstorms, ice storms and urban wildfires are
 now known to be able to cause billions in insured damage. If the observations
 mentioned in "review" are indeed something to take note of, and natural perils
 outside the traditionally obvious threats of earthquake, hurricane and flood
 are becoming something that must be reckoned with; then results for many P/C
 carriers in North America could become a lot more volatile in the future. And
 some carriers may have to completely rethink how they protect their bottom
 lines and keep their shareholders happy.
     The publication can be downloaded at:
 http://canada.swissre.com/e/canada/publications/swiss/anew.html
 
     Swiss Re is a leading reinsurer and the world's largest life reinsurer.
 With more than 9000 employees, Swiss Re is represented at more than 70 offices
 in over 30 countries worldwide. Swiss Re is rated "Aaa" by Moody's, "AAA" by
 Standard & Poor's and "A++" by A.M. Best.
 
 SOURCE  Swiss Re