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The group, which includes the CEA (the European insurance and reinsurance federation), the Reinsurance Association of America, the Association of Bermuda Insurers and Reinsurers, the International Underwriting Association, and the Insurance Information Institute, pointed to the record 2011 global natural disaster insured catastrophe losses as a warning sign.
The group pointed out that nearly 45 per cent of the more than $105 billion insured catastrophe losses in 2011 will be paid by global reinsurers, nearly all of which were not located in the jurisdiction in which the event occurred.
Brazil's protectionist reinsurance regulation, by contrast, would force domestic reinsurers to pay these record losses with less assistance from international reinsurance markets.