Partly attributed to the earthquake/tsunami in Japan, European market gains for the year have been eliminated, led by losses in insurers. Swiss Re, Munich Re are down 5% intra-day, due to exposure to Japan. However, it’s worth noting, more often than not natural disasters have a way of benefiting insurers in the long term, due to increased premiums.
As of this morning, the recent correction in Europe is about 5% deep.
UPDATE: Jefferies is out with a note suggesting a $10 billion hit to insurers.
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No “Day of Rage” update? I told you only the US media cared about it…they’ve moved on to Japan.
Angry mob, bloody dictators, giant tsunami waves… Bears turned into Black Swans, unable to defeat The Clam.
DEVILDOG is celebrating as we speak.
buying anyone? bored and have lots of cash…
Briefing-
AFL has significant exposure to Japan. AFL previously said it is the number one insurance company in Japan in terms of individual policies in force, and Aflac Japan’s revenues accounted for 75% of the the company’s total revenues in 2010.
AFL is supplementary health!
Jeez!
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Forget Jefferies when it comes to European reinsurance research and get the work of Will Hawkins from KBW…
My final four matchup is coming down to the wire with the tension of an Alabama waistband. I intend on APA prevailing over MCHP, thus carrying me to the next round while spitting in the face of lower crude and not as low gasoline.
Meanwhile, my purchase of GS yesterday is paying dividends today while not paying actual dividends. Indeud.