On Friday, Hurricane Harvey developed into a Category 4 and made landfall near Rockport, Texas. In addition to direct losses, the storm is causing heavy rainfall and storm surge-related losses along coastal Texas, according to GlobeSt.com's sister publication, ALM's Property Casualty 360.
In the article, the publication writes that while the exact cost of insured damages will take some time to quantify, primary insurers will face the largest effect from Harvey, with regionally focused carriers most vulnerable given their geographic concentrations, Moody's Investors Service said in a statement Monday morning. “The Southeast is a peak catastrophe zone in the U.S. for reinsurers, and those with exposure to Texas are at risk of incurring meaningful losses, although we expect those losses to be manageable relative to earnings,” Moody's added.
Moody's then identified the top 10 Homeowners' and commercial property insurers in the Lone Star State, listed by direct premiums written. Check out the full article to see the complete list and to see what Moody's expects these large national carries to be dealing with ahead.
On Friday, Hurricane Harvey developed into a Category 4 and made landfall near Rockport, Texas. In addition to direct losses, the storm is causing heavy rainfall and storm surge-related losses along coastal Texas, according to GlobeSt.com's sister publication, ALM's Property Casualty 360.
In the article, the publication writes that while the exact cost of insured damages will take some time to quantify, primary insurers will face the largest effect from Harvey, with regionally focused carriers most vulnerable given their geographic concentrations, Moody's Investors Service said in a statement Monday morning. “The Southeast is a peak catastrophe zone in the U.S. for reinsurers, and those with exposure to Texas are at risk of incurring meaningful losses, although we expect those losses to be manageable relative to earnings,” Moody's added.
Moody's then identified the top 10 Homeowners' and commercial property insurers in the Lone Star State, listed by direct premiums written. Check out the full article to see the complete list and to see what Moody's expects these large national carries to be dealing with ahead.
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