Flood-related insured losses likely to run into ‘billions of dollars’

U.K.-based JLT Reinsurance Brokers Ltd. said that recent floods in Japan are likely to cause billions of dollars in insured losses, Artemis.bm reports. JLT Re said that the insurance and reinsurance industry is likely to take a hit due to business interruption-related loss from the agriculture, tourism and manufacturing sectors. The collateralized reinsurance sector including insurance-linked securities' funds and catastrophe bonds could be exposed to a small share of the losses, JLT Re added.

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