US property and casualty re/insurers are reportedly braced for large potential catastrophe losses as another above-average hurricane season approaches, according to a new Fitch Ratings report.
Fitch notes how both P/C insurers and global reinsurers are largely well capitalised following the global pandemic last year, and generally well positioned to withstand a significant hurricane event in 2021; as such, a Stable Rating Outlook for the P/C and global reinsurance sectors has been provided.
“Recent active hurricane seasons have generated an accumulation of insured losses that have led to substantially higher premiums for coastal property insurance,” said Director Christopher Grimes.
