A panel of experts from Marsh & McLennan Companies, Inc. who met yesterday to discuss their views on property insurance availability, claims management, and reinsurance in advance of the 2008 hurricane season.
Kevin Stokes, Leader of Guy Carpenter’s Global Property Specialty Practice as well as its Florida Operating Committee commented on insurers continuing to access the capital markets by issuing catastrophe bonds in order to supplement their reinsurance. “Interest in this market will continue to expand, although not significantly,” Mr. Stokes said, an interesting statement as far as I’m concerned as with cat bonds making up 8% of coverage currently I’d expect that to grow to double figures very quickly (which is fairly significant).
You can listen to the full audio webcast at the link below.
The press release is available here.
Don’t forget that the Atlantic hurricane season begins on June 1st and as soon as a storm happens we’ll be updating our storm season page to help you keep abreast of the impacts.