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Reinsurance rates to see ‘little impact’ from Hurricane Michael: Analyst

Reinsurance rates to see ‘little impact’ from Hurricane Michael: Analyst

Hurricane Michael should have “little impact” on property reinsurance pricing trends, according to an industry update issued Tuesday by investment banking firm Keefe Bruyette & Woods Inc.

The National Hurricane Center currently expects to make Michael to make landfall Wednesday as a major hurricane with windspeeds of over 110 miles per hour, noted Meyer Shields, managing director at KBW in Baltimore, in the industry update.

The storm “should modestly pressure exposed (property/casualty) insurers and reinsurers — Florida's fragmented personal property market is typically heavily reinsured at relatively low attachment points — today,” he wrote. “Although we don't have a credible estimate yet, we expect the industry’s total insured losses to be manageable, with little impact on property reinsurance pricing trends.”

According to Oldwick, New Jersey-based A.M. Best Co. Inc., United Insurance Group accounts for 16.19% of the commercial multiperil insurance market in Florida, followed by Zurich Financial Services Group N.A., with 7.42% and Heritage Insurance Holdings Group with 6.23%. In Alabama, which is also expected to be affected by the hurricane, Travelers Cos. Inc. led the commercial multiperil insurance market with 10.0%, followed by Cincinnati Insurance Cos. at 7.50% and Nationwide Group at 7.47%.



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