Global reinsurers to bear material share of loss from Maria: Best

St. Croix, U.S. Virgin Islands, almost a week after Hurricane Maria/ REUTERS

(Reuters) — Ratings agency A.M. Best Co. Inc. said it expects a significant share of the loss from Hurricane Maria to pass on to the global reinsurers evenly.

The agency said it expects the loss would remain within the overall risk tolerance of most affected reinsures.

However, the reinsures' earnings will be hurt and the impact could be significant for some, Best said Wednesday.

Maria roared ashore in Puerto Rico last Wednesday as the most powerful hurricane to strike the island in nearly a century, knocking out the territory's entire electrical grid, unleashing severe flooding and causing widespread heavy damage to homes and infrastructure.

The storm has claimed more than 30 lives across the Caribbean, including at least 16 in Puerto Rico.

It was the third major hurricane to hit the United States in less than a month, following Harvey in Texas and Irma in the Caribbean and Florida.