BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
Hurricane Ian is likely to be a significant loss event for the U.S. property/casualty and global reinsurance sectors and is expected to accelerate the firming of property rates in 2023, Standard & Poor’s Global Ratings said in a note Friday.
However, insurers are well-positioned to absorb losses, and losses for global reinsurers should remain within annual catastrophe budgets, S&P said.
Insured losses in just Florida are expected to be at the high end of a $30 billion to $40 billion range, due to Hurricane Ian’s size and intensity, including storm surge, and because it came ashore in a more populated area, S&P said.
Wind damage, storm surge and water damage from heavy rainfall will cause major losses for commercial and residential property insurers and, to a lesser extent, for auto insurers, S&P said. Flooding will add to the damages mainly for commercial property.
Hurricane Ian made landfall in the Fort Myers metro area of southwest Florida on Wednesday as a Category 4 storm with wind speeds of up to 155 mph, nearly a Category 5 storm. The hurricane made another landfall in South Carolina on Friday.
Citizens Property Insurance Corp., Florida’s state-backed insurer for homeowners, expects losses of about $3.8 billion, implying an industrywide loss of about $30 billion, the ratings agency said.
“We expect ratings should remain largely unaffected by the hurricane,” S&P said.