Hurricane Florence re/insurance losses will be manageable: S&P

http://www.artemis.bm/blog/2018/09/14/hurricane-florence-re-insurance-losses-will-be-manageable-sp/

S&P said that a majority of the eventual insured losses from Florence will likely end up with primary insurers rather than reinsurance, given the amount of losses expected and the prominence of national insurers in North and South Carolina and in Georgia that generally tend to retain a higher level of catastrophe losses.

That suggests a lower impact for ILS funds than would have been anticipated 48 hours ago, as Florence’s weakening is increasingly meaning the industry loss will likely be dominated by water effects, rather than wind.

Even at over $8 billion of industry losses, S&P does not expect hurricane Florence to be a capital event, just a drain on earnings for insurance and reinsurance firms.