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Home » Our Florida Insurance Blog | BB Insurance Marketing, Inc. of Fort Lauderdale FL » Hurricane Matthew Damage Won’t Alter Insurer Ratings in Southeast

Hurricane Matthew Damage Won’t Alter Insurer Ratings in Southeast

Tuesday, October 18, 2016
by dnicoletti

Category: Blog

Tags: Florida • Hurricane • Insurance

A.M. Best does not anticipate a significant number of rating actions related to Hurricane Matthew, as most rated insurance carriers have sufficient capital and appropriate reinsurance programs in place to effectively absorb this event, according to a new briefing from the ratings company.

Hurricane Matthew left a trail of wind and flood damage throughout U.S. southeastern coastal regions in early October 2016. The Best’s Briefing, titled, “Significant Damage From Hurricane Matthew Appears Manageable for Insurers,” notes that many top homeowners/farmowners and automobile writers in the affected states have diverse geographic footprints and product profiles, in addition to possessing an appropriate level of risk-adjusted capitalization.

A.M. Best said solid overall risk management profiles and capabilities, inclusive of comprehensive reinsurance programs, should help ensure that these organizations are adequately protected from the potential losses to emanate from the storm.

It had been more than a decade since a hurricane made landfall in Florida until Hurricane Hermine did so in early September 2016. The episodes of volatile weather as evidenced by Hurricane Hermine and now Hurricane Matthew are stark reminders of the damage to which property/casualty insurers can be exposed, the ratings company said. A.M. Best said it believes it also brings into focus the need for companies to continue employing prudent risk management practices that adjust as risk factors such as business profile and company retentions shift over time.

BB Insurance Marketing is a full-service insurance agency located in South Florida that specializes in business, personal and benefits insurance. Childcare, gas stations, pest control and restaurants are just a few of the niche markets we work in. BBIMI’s insurance expertise extends all across the state, so we’ve got you covered with a quality policy you can depend on!

(via Insurance Journal)

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