ABIR Analysis Of US Tornado Losses
International reinsurers’ share of insured losses from 2011 US tornadoes is likely to be about $2.5 billion, or roughly 17 percent of total insured losses, according to analysis by the Association of Bermuda Insurers & Reinsurers [ABIR].
ABIR President Bradley Kading [pictured] told “Out of the Storm News” today [Dec. 1] that most of the losses from the April and May tornadic outbreaks – estimated in June by Aon Benfield to total about $21.65 billion, with $15 billion of insured losses – would be borne by primary insurers.
Mr. Kading estimated European reinsurers would absorb slightly more than half the $2.5 billion in reinsurance claims, with Bermuda companies accounting for another 40 percent.
According to Aon Benfield’s Impact Forecasting unit, the 2011 losses were nearly three times the average annual severe weather loss from 1990 through 2010.
