Intelligent Insurer quoted Jean-Jacques Henchoz, Swiss Re’s Chief Executive of Reinsurance, as saying that while the extent of U.S. hurricane losses was still developing, these are expected to have an impact on the global dynamics of the reinsurance market.

“There will be a spillover and I don’t believe any region will be spared what is happening globally,” it quoted him as saying.

“Bear in mind there have also been many other loss events, although not on the same scale in Asia and in Latin America, and the market will react on a global basis.

“It does not seem at this stage that this will be a capital event for the industry, although some players could be hit harder than others. But I’m convinced it will influence pricing for reinsurers.”