No escape for the insurer

LAST year was the worst on record for insured natural catastrophe losses. Four hurricanes ripped through Florida, resulting in more than $23bn in insured losses and the largest offshore energy loss. Katrina smashed these records. Rita followed Katrina, and now Wilma is expected to have caused a loss of up to $12bn. The hurricane season has one month to run, but in reality this trend is likely to continue for many years. Scientists have predicted this trend of intense hurricane activity will continue for a couple of decades.