Fitch Ratings says the insurance industry should be able to manage losses from Hurricane Isaac, which, according to very early estimates, could range from $300 million to $7.5 billion.
State Farm and Allstate, which together control 39 percent of the homeowners market in the three most affected states (Louisiana, Mississippi and Alabama), according to SNL Financial figures, will likely suffer the brunt of the insured losses.
Combining Homeowners with auto physical damage, commercial auto and commercial multiple peril (liability) insurance, the two insurers control 37 percent of the market in the three states.
|- RELATED: CUNA Mutual Activates Claims Teams
- RELATED: Louisana Credit Unions Still Hunkered Down
- RELATED: Alabama, Mississippi CUs Dodge Isaac's Bullet
- RELATED: NCUA Activates Disaster Policy
- RELATED: Gulf Coast CUs Brace for Storm
- RELATED: CUNA, GTE Financial Still Ready for GOP Party
Fitch cited an early AIR Worldwide estimate that puts insured losses from Isaac at possibly between $300 million and $7.5 billion.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
