Nov 29 - For the reinsurance industry, 2011 was a record-breaking year, with $105 billion in natural catastrophe insured losses globally. Up until just a few weeks ago, it seemed that 2012 would be relatively uneventful. In a recent report, "Reinsurance Industry Leaders Discuss Lessons Learned From Hurricane Sandy," published Nov. 29, 2012, on RatingsDirect, Standard & Poor's Ratings Services says that reinsurers had three very good quarters until Superstorm Sandy hit the U.S. East Coast on October 29. Their operating performance will certainly be less strong in the storm's wake. But, according to panelists at the Bermuda Reinsurance 2012 conference sponsored by Standard & Poor's on Nov. 13-14, 2012, the storm's legacy will be less about fourth-quarter results and more about the lessons learned--and the effect they'll have on the industry going forward. The market appears to be having trouble reaching a consensus about what total insured losses will be post-Sandy. That these calculations can still be unclear so long after the storm highlights how difficult it can be to plan ahead for these events. The fact that Sandy hit New York City, with its dense population and high concentration in the financial markets, will be a big part of the storm's legacy in the reinsurance industry. Credit analyst Taoufik Gharib, director at Standard & Poor's, moderated the discussion, covering topics such as judging the financial success of a company, reinsurers' investment strategies in the current market, and the importance of enterprise risk management. The report is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to firstname.lastname@example.org. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com.