The Association of Bermuda Insurers and Reinsurers [ABIR] yesterday [Mar. 15 said international reinsurers paid 24 percent of US 2011 tornado losses for a total of $2.5 billion, with Bermuda reinsurers footing 40 percent of the losses.
Bradley Kading, ABIR’s president and CEO, explained that the figures produced from publicly reported data only cover three of the worst tornado events that struck the United States in 2011.
2011 was an exceptionally destructive year for tornadoes in the US, with the worst activity reported in Mississippi, Alabama, Mississippi and Oklahoma in April and May.
ABIR is the public policy branch of the Bermuda re/insurance industry with offices in Washington DC and Hamilton.