In the wake of Superstorm Sandy, Fitch Ratings service released a report saying that even if losses were to reach Katrina proportions, the industry would still be positioned to handle it and post a statutory profit.
During a conference call today, Fitch Analyst Jim Auden says that a week-and-a-half after the storm, “tremendous uncertainty” remains about what the ultimate amount of insured loss will be. He notes that catastrophe modelers have put a top figure estimate of $20 billion on the event.
Fitch performed a sensitivity exam of the U.S. insurance industry and individual insurers with hypothetical loss scenarios up to $40 billion, equal to losses from Hurricane Katrina in 2005.
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