Allstate, Liberty Mutual, Travelers most exposed to ‘above average’ 2017 hurricane season: CreditSights
Allstate, Liberty Mutual and Travelers are on top of a list of insurers most exposed to what is expected to be an “above average” 2017 Atlantic hurricane season, CreditSights analysts wrote in a May 31 note.
Allstate is a leader in both the homeowners’ and personal auto space in the Southeast, Northeast, and Gulf regions; around 33 percent of its total direct written premiums in the US are associated with hurricane-prone lines of business and hurricane-prone regions, according to the note. Allstate is followed by Liberty Mutual (26 percent), Travelers (23 percent), Progressive (22 percent), CNA (22 percent) and Chubb (21 percent). All derive more than 20 percent of their US premiums from hurricane-susceptible geographies and business lines. AIG, Hartford and XL have an exposure below this level, according to the analysts.
The Atlantic hurricane season ranges from June 1 to November 30, typically peaking from August to October. The National Oceanic Atmospheric Administration (NOAA) forecast indicates that the Atlantic hurricane season will most likely be an above-normal season.
The NOAA classifies an above-normal Atlantic hurricane season as meeting at least two of the following three conditions: 13 or more named storms, 7 or more hurricanes, and 3 or more major hurricanes.
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