David Flandro, Senior Vice President
Shareholders’ funds were depleted at double-digit rates around the world last year, with companies in the United States sustaining the greatest drops. The two primary drivers of this trend are changes in estimated losses related to Hurricanes Ike and Gustav and the ongoing financial catastrophe.
For insurers and reinsurers in the United States, shareholders’ funds fell 24.1 percent in the fourth quarter of 2008 (relative to the same period in 2007). Carriers in Europe lost 20.9 percent year-over-year, while those in Bermuda fared better (down 14 percent).
- Marie-Emilie Teissier, Global Business Intelligence