Best’s Briefing: Hurricane Florence Imperils Single-State Property Insurers in the Carolinas
The Best’s Briefing, “First Look: Hurricane Florence,” notes that the market share of the large national writers such as
A compounding factor is the increased population and development in the area since the Hurricane Hugo in 1989, the last major storm to strike the Carolinas. Given the size and intensity of Hurricane Florence’s winds and the expected, resulting storm surge, losses have the potential to be significant. Personal lines and small commercial lines insurers are likely to experience the majority of losses; however, should the storm maintain strength inland, it could reach the technology centers of
Most reinsurers will experience losses from Hurricane Florence due to the highly syndicated nature of property catastrophe business, and the potential exists for losses to impact alternative capacity on a reinsurance and retrocessional basis as its participation in the sector has increased year over year. However, it is A.M. Best’s belief that unless losses are materially outside of expectations or followed up by subsequent large catastrophic losses, it is unlikely to see any meaningful market hardening outside of loss-affected areas.
To access the full copy of this briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=278097.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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