"From the reinsurance perspective what is interesting and concerning is the number of claims from Australia and New Zealand. There's been quite a string of events.
"We are somewhat concerned as an industry because Australia and New Zealand in the past were considered attractive because they diversified our risk book.
"Do we now have to reconsider how we look at this risk? In my view there's a high likelihood that reinsurance prices will continue their way up," he said.
I generally call them Clueless Swiss, because of Swiss Re, but Munich Re is bigger. They will probably get less clueless as they lose tons of money, and jack up the rates. I'm sure they never look at the specifics of what they are insuring, and this whole thing may resemble the old US mortgage securities.