THE CATEGORY Four storm Hurricane Ian that hit the southwest coast of
However, US insurers are currently well positioned to absorb losses due to having sufficient reserves to weather any financial hit, the ratings agency said in a new report.
Hurricane Ian hit the
The hurricane, which saw wind speeds of up to 155mph, had a significantly larger footprint than previous hurricanes, while causing storm surges of 12-18 feet.
The fact Hurricane Ian hit the heavily populated
As such, the damage caused by the hurricane is likely to be at the upper end of estimates,
The US insurance sector is however well positioned to pay out on claims, due to it being the first major hurricane of the year, meaning any losses should fall within annual catastrophe budgets.
Yet catastrophe budgets will likely be fully expended or surpassed by the end of the year in line with previous years, the report said.
(c) 2022 City A.M., source