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Andrew Newman, global head of casualty and Co-President at Willis Re, the reinsurance arm of Willis Group Holdings P.L.C., has said that the casualty space is likely the biggest threat to the insurance and reinsurance sector, reported Artemis.bm.
"It probably presents the biggest threat to the industry, earnings and capital volatility and insolvency," said Mr. Newman. Exposures in the casualty insurance and reinsurance sector are difficult to predict, and have the potential to be long-lasting and vastly damaging to firms as well as economies, added Mr. Newman.