tekkmortal
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Fitch: Hurricane Charley the third worst insurance loss in U.S. history
Fitch Ratings believes that even if the damage caused by Hurricane Charley -- estimated as a $5 billion to $10 billion insurance loss -- comes in at the low end of the estimates, it will rank the storm as the third largest insured U.S. hurricane loss in history.
Fitch has issued a special report titled Hurricane Charley: Preliminary Analysis, which is available on the Fitch Ratings web site on www.fitchratings.com.
Charley is not expected to trigger a loss to any of the catastrophe bonds in the Fitch rating universe, but that will not be known for certain until better loss estimates become available.
The insurers most likely to be affected by the storm are those writing primary property insurance -- homeowners or commercial multi-peril -- in the state of Florida or those selling property catastrophe reinsurance.
Many of the insurers with significant market share in the property lines in Florida are geographically diversified in risk and have high insurer financial strength ratings. However, there are insurers with a geographical concentration of risk in Florida that could be materially affected.
Charley came ashore Friday, Aug. 13 on the Gulf Coast of Florida just south of Fort Myers as a Category 4 hurricane. The storm then crossed the state of Florida over Orlando and headed back out into the Atlantic Ocean before moving north to the Carolinas.
© 2004 American City Business Journals Inc.
Fitch Ratings believes that even if the damage caused by Hurricane Charley -- estimated as a $5 billion to $10 billion insurance loss -- comes in at the low end of the estimates, it will rank the storm as the third largest insured U.S. hurricane loss in history.
Fitch has issued a special report titled Hurricane Charley: Preliminary Analysis, which is available on the Fitch Ratings web site on www.fitchratings.com.
Charley is not expected to trigger a loss to any of the catastrophe bonds in the Fitch rating universe, but that will not be known for certain until better loss estimates become available.
The insurers most likely to be affected by the storm are those writing primary property insurance -- homeowners or commercial multi-peril -- in the state of Florida or those selling property catastrophe reinsurance.
Many of the insurers with significant market share in the property lines in Florida are geographically diversified in risk and have high insurer financial strength ratings. However, there are insurers with a geographical concentration of risk in Florida that could be materially affected.
Charley came ashore Friday, Aug. 13 on the Gulf Coast of Florida just south of Fort Myers as a Category 4 hurricane. The storm then crossed the state of Florida over Orlando and headed back out into the Atlantic Ocean before moving north to the Carolinas.
© 2004 American City Business Journals Inc.
HII Defee girl!!! WB to AD!!! glad to see u have made it thru Charley! is everybody on ur end alright qq 
to u 2 ladies (OceanBreeze and Defee) -- thanks for ur understanding of my major snafu LOL -- *huggies* to both of u!!! 
u ACTUALLY stuck it out and stayed put qq *thud* gotta say u were 
but bold!! im just thrilled to know u all are doing well and survived the storms!!!! *huggies*