September 11, 2017 / 6:55 AM / in a year

Local insurers and global reinsurers face big losses from Irma -Moody's

LONDON, Sept 11 (Reuters) - Florida insurers face big losses from Hurricane Irma, the storm now lashing the U.S. state’s Gulf Coast, credit ratings agency Moody’s said on Monday.

Moody’s said that primary property and casualty insurers will incur significant losses because of claims for damage to homes, commercial property and automobiles.

“In particular, Florida-only insurers and their reinsurers will bear outsize losses, while large national primary insurers have considerable resources to withstand a significant event,” Moody’s said in a note.

Top reinsurers of Florida-only property insurers include FHCF, Lloyd’s of London, Allianz, Tokio Marine, Everest Re, W.R. Berkley, XL Group, Endurance, Chubb and Partners Re, Moody’s said. (Reporting by Huw Jones; Editing by David Goodman)

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