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Mondaq Business Briefing
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The Sub Prime Crisis: Potential Issues For The Reinsurance Market.
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Article Excerpt
The sub prime crisis is constantly developing. In this article, we look at issues which reinsurers may want to consider in relation to claims arising from sub prime liabilities.
As banks reveal increasing exposure to sub prime debt, the (re)insurance industry is reviewing how it is affected. Although for the reinsurance market claims problems are a way off and specific issues are difficult to predict, it is worth highlighting some potential areas to which reinsurers could give consideration when thinking about their reaction to claims relating to sub prime investments and liabilities.
Touching very briefly on the cause of the problems, sub prime debt has been pooled and sold on, organised into tranches and sold again or become the subject of credit default swap products. These complex securitised structures are underpinned by real assets. If those assets lose value, so do the securities which use them for collateral.
In the (re)insurance market immediate hurt is being felt on assets, by those involved in...
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