AM Best said late Friday that the earnings for global reinsurers with large natural catastrophe exposure could come under pressure in 2005, not only from Hurricane Katrina-related claims, but also from new claims arising from the still ongoing hurricane season.
The insurance rating company said that overall insured damage may be significantly higher than the current estimates ranging from $20bn to $60bn. AM Best said some natural catastrophe experts are estimating that up to 10 more Atlantic hurricanes may occur this year.