KBRA Releases Research – Hurricane Ian Impacts Material but Manageable for Insurers
NEW YORK–(BUSINESS WIRE)–#KBRA–KBRA releases research that examines the impacts of Hurricane Ian on the insurance industry. Hurricane modeling companies and market participants have published a wide range of estimates for insured losses and KBRA has been closely monitoring developments to assess the impact on insurers.
Key Takeaways
- At a minimum, all insurers with exposure in the affected areas will experience at least an earnings impact and, depending on the ultimate magnitude of losses, may also incur a capital impact as well. It appears that gross losses so far will remain well within the upper limits of most individual company reinsurance programs.
- Hurricane Ian-related losses will inject further disruption to an already challenging 1/1 renewal season and add further uncertainty to Florida’s June 2023 renewals.
- Near-term impacts to KBRA-rated entities are expected to be manageable, however, medium to longer-term concerns for the industry overall continue to increase; particularly in the wake of increased balance sheet pressures caused by market volatility.
Click here to view the report.
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About KBRA
KBRA is a full-service credit rating agency registered in the U.S., the EU and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.
Contacts
Jonathan Harris, Senior Director
+1 (646) 731-1235
jonathan.harris@kbra.com
Fred DeLeon, Senior Director
+1 (646) 731-2352
fred.deleon@kbra.com
Peter Giacone, Senior Managing Director
+1 (646) 731-2407
peter.giacone@kbra.com
Business Development Contact
Tina Bukow, Managing Director
+1 (646) 731-2368
tina.bukow@kbra.com