Today’s report titled, “No Respite For Re/Insurers As Hurricane Irma Prepares To Give A Big Jolt,” from S&P Global Ratings has bad news for insurers and reinsurers alike. Depending on the extent to which Hurricane Irma makes a landfall in Florida, there could be much higher insured losses compared to Hurricane Harvey. As projected by AIR Worldwide, if a Category 5, Andrew-like hurricane were to strike just south of Miami and a little north of the city of Homestead, the total insured losses for Florida could reach upward of $130 billion.

“Strong capitalization will help mitigate the impact, but Irma will likely stress-test not only the re/insurers but also the staying power of third-party capital,” said S&P Global credit analyst Hardeep Manku. “Regional pricing is also likely to harden, but the impact on global re/insurance pricing is debatable,” he added.

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