S&P Warns of Reinsurer Protections as Catastrophe Risks Escalate
A military truck drives down a flooded Canal Street following Hurricane Katrina’s landfall in New Orleans on Aug. 31, 2005.
Photographer: Mark Wilson/Getty ImagesAs natural catastrophes become more frequent and destructive, a key backstop intended to help cover losses has gotten harder to access.
The reinsurance industry, which exists to help primary insurers cope with losses when disaster hits, has taken significant steps to shield itself against the financial fallout of storms, floods and other severe weather events, according to S&P Global Ratings.