2011: Year of the Catastrophe


With catastrophes on virtually every continent, it seems that virtually no class of commercial property insurance escaped the effects of the worldwide disasters in 2011.


“At the end of the day there was not an occupancy or facet of commercial insurance that somehow didn’t get touched or exposed to the worldwide events.”


Erik Nikodem, Lexington Insurance


The catastrophes of 2011 hit virtually every type of commercial insurance occupancy, if not every commercial client. Insurance real estate portfolios with office buildings might have been struck by the New Zealand and Japan earthquakes as well Hurricane Irene. Floods and tornadoes hit public entity accounts hard. Even if manufacturing accounts weren’t directly damaged by a natural disaster, they probably suffered indirect losses from the disruption to the global supply chain caused by one or more catastrophes.


Copyright © 2012 by A.M. Best Company, Inc. All rights reserved. No part of this report may be reproduced, stored in a retrieval system or transmitted in any form or by any means; electronic, mechanical, photocopying, recording or otherwise.


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