Commercial Lines

Working to ensure enactment of a long-term National Flood Insurance Program extension is the top priority of property and casualty insurance industry trade groups as Congress prepares to return to work Tuesday.

Hurricane Irene is expected to be primarily an insurance event, rather than a reinsurance event, given the relatively moderate level of insured losses expected, according to Moodys Investors Service.

Katia is now a Category 1 hurricane far west of the Caribbean and forecasters have advised the Gulf Coast to keep an eye on a separate potential tropical storm.

Typhoon Nanmadol weakened to a tropical depression after hitting Taiwan on its way to Chinas east coast, and catastrophe modeler Eqecat estimates the storm caused between $200 million and $500 million in insured losses for Taiwan.

The insurance brokerage business of South Africa-based Alexander Forbes will be acquired by insurance broker Marsh, a subsidiary of Marsh & McLennan Companies

Two rating agencies say the property and casualty insurance industry can handle losses from Hurricane Irene, but question whether more losses this hurricane season could change that scenario.