The high number of natural catastrophes experienced in the first half of the year threw the spotlight on facultative business as never before.
Gary Lille and Misbah Kamal of United Insurance Brokers examine the implications of this and the trends this line of business is experiencing around the world.
Facultative reinsurance has rarely enjoyed as much attention as it has received of late, the growth in interest in this otherwise sleepy field of reinsurance triggered by the unusually high levels of catastrophe losses in the first half of 2011.
The tragic earthquake and tsunami in Japan and the disastrous earthquake in New Zealand were just two of the major catastrophic events which raised risk awareness among organisations managing large risks. Now, such organisations in those countries and all around the world are looking again at their policy wordings, coverage and limits to ensure they are fully insured if catastrophes strike.
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Facultative reinsurance, Japan, New Zealand, Dubai, Latin America