Basel, Switzerland (GenevaLunch) – Some of Switzerland’s banks and insurance companies, all multinationals, could well be among those identified by the Basel-based Financial Stability Board as companies that need more regulation because of inherent risks. But the FSB denies Tuesday 1 December, that a Monday report in the Financial Times which lists companies is wrong and that it does not have such a list because such risks are situation-specific and change over time.

Natural catastrophe losses like to be down sharply in 2009

The good news for insurers is that catastrophes are likely to cost them far less in 2009, down by 59 percent compared to 2008.

The figure is part of early estimates published 30 November by Zurich, the world’s largest reinsurance company. Natural disasters account for about $21 billion and manmade catastrophes about $3b, for an expected total of $24b. The worldwide figure in 2008 was $51b. The milder hurricne season in 2009 is credited with the drop in costs.

Links to other sites: Business Insurance, Financial Stability Board,  Property & Casualty, Zurich

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