Recent nat cat losses may exceed reinsurers' catastrophe budgets: J.P. MorganReprints
Analysts at J.P. Morgan Cazenove Ltd. said that losses from recent natural catastrophes such as the Japan quakes and wildfires in Canada's Fort McMurray are likely to top the catastrophe budgets of major reinsurers, reported Artemis.bm.
"Our conclusion is that Munich Reinsurance Co., Swiss Re Ltd. and SCOR S.E. may have a potential impact equivalent to 8-11% of second-quarter net profit," said the analysts.
They said that the quakes and wildfire could cost Swiss Re and Munich Re about $468 million and $410 million, respectively.