Time will still tell when it comes to insured losses from Hurricane Irene. AIR Worldwide estimates insured losses between $3 billion and $6 billion from Irene, which Fitch Ratings says is manageable for U.S. property/casualty insurers and reinsurers.
A.M. Best Co. also expects the overall financial impact of Hurricane Irene to the U.S. property/casualty industry to be generally manageable given the current overall strength of the industry. However, estimates of first-half 2011 catastrophe-related losses are already higher than 2010’s year-end total, and the potential for continued hurricane-related activity exists as the industry moves into what is considered to be the peak of the hurricane season. As a result, A.M. Best believes some companies may face capital, and ultimately, rating pressures. A.M. Best does not anticipate a significant number of ratings actions to be associated with Hurricane Irene. However, companies with significant market share in the impacted states will be evaluated relative to A.M. Best’s previous loss expectations.
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