OLDWICK, N.J.--(BUSINESS WIRE)--Please replace the release dated August 28, 2018 with the following corrected version due to multiple revisions.
The corrected release reads:
BEST’S BRIEFING: INSURERS EQUIPPED TO HANDLE HURRICANE LANE LOSSES
A.M. Best does not anticipate significant decreases in policyholders’ surplus at any rated companies affected by Hurricane Lane, as the storm likely will be more of a flood event than a wind event.
A new Best’s Briefing, “Insurers Equipped to Handle Hurricane Lane Losses,” states that most A.M. Best-rated Hawaiian insurers exposed to property catastrophe risk, based on direct premiums written in Hawaii, have diverse geographic footprints and possess risk-adjusted capitalization supportive of their current ratings. Therefore, A.M. Best does not anticipate any rating actions. However, rated entities that display any material deviations from expected results potentially could be the subject of negative rating action in the form of under reviews, outlook revisions or downgrades.
Because of the flooding, which buffeted Hawaii with rains that exceeded 50 inches in some parts of the island chain, A.M. Best expects the storm to generate comprehensive claims for auto insurers as well.
To access the full copy of this briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=277468.
A.M. Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
