Hurricane Gustav–a Category 2 hurricane that battered the Gulf Coast states last week–could cost insurers as much as $10 billion, according to early catastrophe loss estimates by modeling firms.
Four rating services said the insurance and reinsurance sectors can weather the impact of Gustav losses, adding that storm claims should not halt general rate declines in the market.
However, as adjusters surveyed the damage from Gustav, insurers braced for Hurricane Hanna, heading toward the U.S. East Coast as this edition went to press, putting Florida, Georgia and South Carolina at risk. Behind Hanna are two other major windstorms, Ike and Josephine.
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