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Chubb, Allstate able to absorb Harvey losses: Barron's
September 3, 2017 / 9:53 PM / 18 days ago

Chubb, Allstate able to absorb Harvey losses: Barron's

NEW YORK (Reuters) - The damage from Hurricane Harvey, while likely one of the costliest disasters for property and casualty insurers, probably will not meaningfully dent the industry’s capital base, Barron’s said on Sunday, naming insurer Chubb as a top pick.

Barron’s also said that auto-insurance exposure to the hurricane, while large, is manageable - allowing industry leaders such as Allstate to manage well through the crisis.

Insurer Chubb Ltd (CB.N) is still a good bet for investors, Barron’s said, and has greater international exposure plus more growth opportunities than domestic competitor Travelers Insurance (TRV.N).

Auto losses are higher than initial projections, but Allstate Corp. (ALL.N) and Berkshire Hathaway Inc. (BRKa.N) can comfortably absorb them, Barron’s said.

Reporting by Michael Flaherty; Editing by Andrew Hay

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