Reinsurers chronically underpricing catastrophe products: XL Group

Posted On: Nov. 9, 2017 4:35 AM CST

Mike McGavick, chief executive of Bermuda-based insurer and reinsurer XL Group Ltd., said that the reinsurance industry has been chronically underpricing catastrophe-exposed products, Artemis.bm reports. As a result, after major losses, such as the recent hurricanes and earthquakes, the market reaches an inflection point as it looks to reprice, Mr. McGavick said.