OLDWICK, N.J.--(BUSINESS WIRE)--At this time, A.M. Best does not anticipate any rating actions on rated insurance companies conducting business in the Bahamas as a result of Hurricane Joaquin, according to a new A.M. Best briefing. However, the briefing, titled, “Caribbean Insurers In The Aftermath Of Hurricane Joaquin,” notes that Caribbean insurance companies with policyholders in the Bahamas may need a fair share of time to assess claims stemming from the property damage caused by the hurricane.
A.M. Best currently maintains ratings on three of the top five companies conducting business in the Bahamas. Over the next couple of weeks, A.M. Best will collaborate with the management of these rated entities in order to assess their potential loss exposure to Hurricane Joaquin. As information becomes available, A.M. Best will then determine if there are any potential rating implications.
Hurricane Joaquin, which struck the islands on Oct. 1, 2015, with wind speeds of up to 130 mph, is noted to be one of the few Category 4 hurricanes to track through the Bahamas since 1866. Home and roof damages are likely to be heavy in those areas affected by the storm. Given the torrential rains and sustained winds that hovered over the islands, downed wires and damaged electrical grids are likely as well. As a consequence, there may also be some commercial insureds with property losses and business interruption claims. Physical damage losses to automobiles caused by wind-swept debris and flooding also will also be a factor. No doubt, the extent of the damages and the extraordinary flooding in the region will make it extremely difficult for officials to get to these affected areas and will delay loss estimates.
For the full copy of this briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=242371.
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