AM Best issues ratings alert after Katrina
Due to the evolving effects of Hurricane Katrina, AM Best has been aggregating public and private information in order to assess the financial impact it will have on insurers. AM Best expects all rated companies will be able to meet their current loss obligations despite the projected magnitude of the potential insured losses. However, the insured losses from Hurricane Katrina have had a significant impact on some insurers, leaving potential capital shortfalls relative to their current rating level and also calling into question the risk management capabilities of some insurers.
The determination of the potential impact of Hurricane Katrina and AM Best’s subsequent analysis of catastrophe risk management will take some time, and additional rating actions are likely in theOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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