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Comment - Testing times for reinsurers.
(From Reinsurance)
Byline: Isobel McCalman, Editor.
For reinsurers it seems the response to the 11 September terrorist attacks in the US have left it with something of a dilemma. Whatever else it was, the event was also an extreme test of the reinsurance sector.
As the two year anniversary passes, there is a sense that the system of reinsurance is working well. Apart from the anomaly of the Silverstein case, which is as exceptional as the event itself, payments have been made without defaults or company failure.
But what does this say about the business model? When I heard the comment from an analyst (see page 46) that the market would have expected reinsurance failures to come in the aftermath of 11 September it indicated to me that the reinsurance sector is both extraordinary in business terms and also broadly misunderstood by the wider business community.
Primary concerns
This issue is exemplified by the debate on capital. The rating agencies have highlighted falling capital as one of their primary concerns in the recent downgrade spat. But reinsurers have suggested that the goal posts have shifted in the past two years.
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