Speaking at the annual meeting of the reinsurance industry in Monte-Carlo, Denis Kessler, the Chairman and Chief Executive Officer (CEO) of SCOR, said the industry is going to be shaken up by the impacts of hurricane Harvey and hurricane Irma.
After devastating parts of the Caribbean, Cuba and the Bahamas, hurricane Irma has reached Florida as a Category 4 storm on the heels of hurricane Harvey, which battered parts of Texas and Louisiana.
During the SCOR press briefing, Kessler and Victor Peignet were questioned on the potential impact of the events on the global insurance and reinsurance industry.
The message from the SCOR executives was clear, with Kessler and Peignet both stating that it’s simply too early to tell what the economic and insured losses will be from either storm.
However, Kessler did say that despite the uncertainty, “the industry is going to be shaken up.”
Clearly, it will take some time for the true impact to be understood, and Kessler and Peignet underlined that it’s tough to predict exactly what it might mean for the industry. Whether the industry will be “shaken” enough for a turn in the market from its softening phase remains to be seen.
