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Hurricane Harvey hit shares of insurers, insurance losses could reach $ 20 billion



Hurricane Harvey hit Houston and the Texas coast of the Gulf of Mexico on Monday struck at the shares of American insurers, as Wall Street analysts estimate the losses that are subject to insurance compensation of $ 20 billion.



29.Aug.17 2:39 PM
By Daria Zaytseva
Photo Toinnov.com

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Hurricane Harvey hit shares of insurers, insurance losses could reach $ 20 billion

Some analysts say that although Harvey may be the most devastating hurricane in history for US insurers, it may also help them increase their contributions after a period of low tariffs.

On Monday, a significant part of Houston remained inundated. "Harvey" has become the most powerful in the past 50 years, a hurricane that hit Texas.

Damage from flooding is not included in the standard property insurance policy of homeowners - it is compensated by the US authorities. However, the damage done to companies covers commercial insurance policies, said JPMorgan analyst Sarah DeWitt, and this can entail "significant losses for commercial insurers and reinsurers."

The shares of Travelers Companies Inc and Allstate Corp - the two largest companies in the US that are engaged in property insurance for homeowners - on Monday fell by 2.6 and 1.5 percent respectively. Paper Progressive Corp, engaged in car insurance, lost 2.3 percent.

The flood in Houston can intensify in the coming days, as the rains continue, raising the water level in the rivers to record highs. US engineering troops on Monday began discharging water from the reservoirs.

Swiss Re, the second largest reinsurer in the world, said it is too early to assess the full-scale impact of the hurricane.




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