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<div class="mainsection articledetails">
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    <h2 class="headArticle">Could Harvey and Irma harden the insurance market?</h2>
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                        <label> Judy Greenwald</label>

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    <label class="mngDate">9/11/2017 10:30:00 AM</label>

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                <span class="tags"><a href="/Section/Topics/503" + "/" +Disaster Management>Disaster Management</a></span>
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                <span class="tags"><a href="/Section/Topics/417" + "/" +Property>Property</a></span>
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                            <label>Hurricane Irma, center, flanked by Katia on the left and Jose on the right./ SHUTTERSTOCK.COM </label>

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            <p><p>SAN DIEGO — It is still too early to determine whether hurricanes Harvey and Irma will lead to a hardening insurance market, but the catastrophic events should give the industry pause, experts say.</p>

<p>That was the consensus of speakers during a Sunday session at the Wholesale & Specialty Insurance Association’s annual marketplace.</p>

<p>The WSIA was formed by the merger of the National Association of Professional Surplus Lines Offices and the American Association of Managing General Agents, effective Aug. 1.</p>

<p>Estimates of insured damages for Harvey range from about $20 billion to $50 billion, said Peter J. Barrett, chairman of London-based Bell & Clements Ltd., a Lloyd’s of London broker and Munich Reinsurance Co. unit, speaking at the session on international market dynamics in the U.S. surplus lines industry.</p>

<p>“It will unquestionably be a very large and substantial loss,” he said. The question is what is insured or uninsured, he added.</p>

<p>Irma also “has the potential to be a very, very significant number,” whether talking about insured loss or economic loss, he said.</p>

<p>The hurricanes should “drive some thought processes,” he said. As to whether they will lead to a hardening market, “I wouldn’t dare say that, but I think people should at least give a pause for the thought the potential is there,” he said.</p>

<p>Because it is so soon, “We really don’t have a clue right now” as to the hurricanes’ impact, said Carlton W. Maner, CEO of U.S. property/casualty for Axis Insurance in Alpharetta, Georgia.</p>

<p>“Harvey definitely was such a unique thing,” said Thomas Hassel, Munich-based underwriter for global clients/North America for Munich Re.</p>

<p>Speakers were asked about the ways in which Bermuda, Europe and Lloyd’s perform better than other markets. In Bermuda, it is the market’s “willingness to operate quickly from an innovations/emerging issue standpoint,” said Mr. Maner. “They can move very quickly without much” in the way of traditional methods of doing business, he said.</p>

<p>It is also the place for “one-stop shopping,” with both insurance and reinsurance available, he said.</p>

<p>Munich Re can offers significant capacity, said Mr. Hassel. “That’s definitely an advantage of such a big corporate environment.”</p>

<p>Lloyd’s, for its part, has a “very powerful balance sheet and financial strength,” said Mr. Barrett. This was not true in the early 1990s, he said, referring to a time when the market experienced financial difficulties. “It was a tough lesson, but a good lesson learned for a lot of people, and things have changed dramatically since then,” he said.</p>

<p>The session, which was hosted by WSIA’s U40 group of under-40 members, was moderated by Adam J. Care, client care manager for the Hartford Steam Boiler Inspection & Insurance Co., a Munich Re unit, who is Houston-based.</p>

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