From Artemis, September 30:
Another data point for those looking at the implications of major hurricane Ian’s path through Florida, rating agency Fitch says the insurance and reinsurance market loss is likely up to $40 billion.
Fitch Ratings said that, based on its initial analysis, insured losses from hurricane Ian could range from $25 billion to $40 billion for Florida alone, with a potential increase possible depending on how severe the impact of Ian is in the Carolinas for its second landfall.
At these levels of insurance and reinsurance market loss, Fitch said that while “substantial” they are unlikely to affect credit for rated property & casualty (PC) re/insurers, given ample capital levels and their ability to increase premium rates.
On the other hand though, Florida insurance specialists that are unrated by Fitch are deemed more exposed and “at risk”, the rating agency said, especially as these companies have already suffered financial losses and diminished capital in recent years, making them particularly vulnerable to large catastrophe events that result in losses in excess of reinsurance limits.
Fitch Ratings early estimate compares to CoreLogic’s range of $28bn to $47bn and adding further weight to the calls for the eventual industry loss to be something well in-excess of $30 billion, it now seems....
....MUCH MORE, and links to some of the prior estimates.
