Oldwick, N.J.-based A.M. Best Co. says it does not expect "a significant number of rating actions" resulting from insurance losses from recent flooding in Alberta, Canada.
Meanwhile, Moody's Rating Service says the event is credit negative for insurers because the losses "will adversely affect their quarterly earnings."
Estimates put damage from the worst flooding in Canada at C$3 billion to $5 billion in economic damage and insured losses of between C$2.25 billion and $3.75 billion (U.S. $2.14 billion to $3.57 billion).
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