News - Record hurricane losses predicted
A recent spate of storms in the south-eastern US could leave insurers facing their biggest ever hurricane damages bill, an industry body has said. Insured losses could reach $21.7bn (12bn), according to the Insurance Information Institute, breaking the record set by Hurricane Andrew in 1992. The insurance industry had to pay out $15.5bn, or $20bn in current values, to repair the damage caused by Andrew. The Caribbean and southern US have been hit by four storms since mid-August.
The most recent, Hurricane Jeanne, killed six people and left up to two million without banking career career finance in insurance opportunity opportunity Quadruple whammy Between them, the four hurricanes have killed dozens and forced millions more to evacuate their homes across the Caribbean and three southern US states over the last six weeks. While none of them has been as severe as Hurricane Andrew, their arrival in quick succession has inflicted heavy cumulative damage across the region.
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The cost of repairing the damage caused by Andrew triggered the essential est finance hill in insurance investment irwin mcgraw real series It also pushed many of the syndicates that make up the Lloyd’s of London insurance market close to financial collapse.
The insurance industry has since reduced its exposure to hurricane damage, with estate finance fundamentals hill in insurance investment irwin management mcgraw real series Analysts say that a repeat of the financial crisis that hit the industry in the wake of Hurricane Andrew is unlikely.
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