Insurers, Not Government, Must Cover More Catastrophes Worldwide

Property and casualty insurers must work toward covering more catastrophes worldwide, or risk marginalizing the industry, one industry leader suggests. “This is a huge problem for our industry,” Phil Cook, CEO of Omega Insurance Holdings said during a presentation in Toronto on Tuesday.Last year was benign in terms of insured losses from catastrophes, especially when compared to the 30-year average, he noted. “Unfortunately - or at least I believe it’s unfortunate - that $34 billion only represents about 20% of the actual economic damage suffered around the world, excluding loss of life,” Cook said.