7 September 2017Insurance

Hurricane Irma could cause industry loss above $100bn

Investors fear that a major hurricane hitting Miami area could lead to around $100 billion or higher industry losses, analysts wrote in a Sept. 6 Morgan Stanley research note.

Hurricane Irma, currently a Category 5 storm in the Caribbean, is forecast to reach Southern Florida as a major hurricane (Category 3+) by early Sunday September 10th.

The analysts noted that the path, magnitude, and potential losses from Irma are still uncertain.

Among the insurance companies most exposed to the Floridian property market is Berkshire Hathaway (6.7% market share), Progressive Corporation (6.0%), The Allstate Corporation (3.4%), and AIG (3.3%), according to Morgan Stanley.

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