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The Actuary The magazine of the Institute & Faculty of Actuaries

Hurricane season puts insurers under rating pressure

Analysts at the credit rating organisation expect the overall financial impact of Hurricane Irene to the US property and casualty industry to be "generally manageable", while also stating that industry loss estimates are preliminary and the overall exposure of primary insurers and reinsurers to the event will not be known for some time.

Early predications suggest that the financial strength of the P&C industry will not be weakened by this event alone, although estimates of first-half 2011 catastrophe-related losses ($27bn) are already higher than 2010's year-end total.

However, the firm believes that many companies may yet be left experiencing capital and, ultimately, rating pressures as the peak hurricane season draws nearer.