It looks like the money damage may turn out to be $60 billion instead of the $35 billion that people were thinking. And it seems that the reinsurers are taking it on the chin from it. It may be a pretty good time to buy them now since Katrina is a finite loss that they should be able to absorb. This is an interesting bit from the article:
"(Katrina) will be a loss of an enormity that will change the basis on which we do business in the industry," deputy chairman Charles Cantlay of reinsurance broker Aon Re UK, part of Aon Corp., told reporters at an industry conference in Monte Carlo.
Hmm, maybe one thing they should change is to hold the industry conference in New Jersey or Paquima instead of Monte Carlo.
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