Sector suffers underwriting loss as catastrophe claims spiral

US reinsurers posted a combined underwriting loss of $1.02bn, against a profit of $1.18bn in the prior year period. This downturn was largely due to increased catastrophe activity in the US compared with the previous year

Net written premiums for US non-life reinsurers reached $19bn for the nine months ending 30 September 2008, according to a survey of statutory results by the Reinsurance Association of America (RAA). This figure represented a 6% rise on the same period in 2007.