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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%.
(Reuters) — Mandatory evacuation orders and school closures were issued Monday in the Florida Panhandle as Hurricane Michael was expected to strengthen rapidly before slamming into the state on Wednesday, the U.S. National Hurricane Center said.