Hartford Insurers Brace For More Claims From Irma
"This is something we plan for," said
Irma may be the more damaging of the two storms to insurers' bottom lines. Most of the destruction from
According to an investors note released Wednesday from
The most severe scenario, senior analyst
"Insured losses would potentially be the largest in that scenario and could be the largest level of insured losses from a hurricane on record," she wrote.
At The
Insurers have rarely seen a storm as strong as Irma, which has delivered maximum sustained winds of 185 mph. Kinney offered Hurricane Sandy as a comparison, which battered the Northeast with strong winds.
One lesson learned from Sandy, Kinney said, was the effect of a major catastrophe on small businesses. Many had to close their doors due to the storm, meaning even if their storm damage was covered, they still suffer losses due to the days that they weren't open.
"Back up your information to the cloud, grab your policy, document your facility," Kinney said. "You want to be able to get back on your feet as soon as you can. Small businesses in Sandy had trouble getting back on their feet."
Neither The
"We are closely monitoring Hurricane Irma at our National Catastrophe Center to make sure we can quickly deploy ... teams to assist affected customers with the right resources as soon as it is safe to do so,"
Mobile claim offices and FAA-certified drone operators will join employees who are already positioned on the ground in the region, Bordonaro said.
"It is likely this storm will be more of a wind event than a flood event," said
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