A month into the official hurricane season, tropical storm Alex has already spawned hurricane watches for Texas and Mexico. As property/casualty insurers brace for this first named storm and the prediction of more than 20 others, financial stability is taking center stage as the industry faces the possibility of tens of billions of dollars in claims, notes specialty property writer FM Global.
In fact, U.S. property/casualty insurers have sufficient capitalization to withstand a potentially strong hurricane season, despite a slight drop in pricing, according to FM Global. FM Global points to a report from Fitch Ratings this month found the financial stability of the industry has been solid in the last 10 years, despite numerous challenges.
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