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Insured losses from last week’s earthquake and tsunami that hit Japan are unlikely to be large enough to turn the reinsurance market, Fitch Ratings Ltd. said Monday.
However, taken in conjunction with catastrophe losses that already have occurred this year, including floods in Australia and an earthquake in Christchurch, New Zealand, and the prospect of further catastrophe losses to come, the Japan catastrophe ultimately could become a catalyst for an uptick in reinsurance rates, Fitch said in a statement.
In addition, Fitch said, the earthquake and tsunami will affect insurance prices for Japanese catastrophe risks that are slated to renew in April.
CHRISTCHURCH, New Zealand—Local nonlife insurers are likely to have their ratings downgraded and global reinsurers' earnings are likely to take a hit due to last month's devastating earthquake in New Zealand, A.M. Best Co. Inc. said in a briefing paper.