Australian insurers meanwhile have been stung by last month’s New Zealand cyclone.
Insurer QBE has been caught up in the downfall of Credit Suisse, but says only a “limited” amount of its own insurance to protect itself in big calamities is exposed to the Swiss-based giant.
A Suncorp spokeswoman said the company did not have “any reinsurance exposure to Credit Suisse and aren’t aware of any in the past”. She declined to comment on any investment exposure.An IAG spokeswoman also said it “doesn’t have any credit exposure to Credit Suisse in relation to our reinsurance treaties” and “no direct investment exposure”.
They all use reinsurers, and big traditional reinsurers such as Munich Re or Berkshire Hathaway offer to underwrite big slabs of such protection. Credit Suisse was far less well known in the reinsurance industry and had in previous years highlighted a division creating funds to invest in insurance-linked securities, which can include catastrophe bonds.
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