S&P downplays hurricane impact on Australian Insurance
Hurricane Harvey and Hurricane Irma - Insurance Impact Standard & Poor’s has downplayed the impact hurricanes in the United States could have on Australian insurers. Hurricanes Harvey and Irma have decimated parts of the US over the past week and insurance stocks in Australia have fallen as a result. Last week, shares in QBE Insurance fell 2%, Suncorp Insurance dipped 2.1% and IAG fell 3.9% as Irma made its way to the coastline and the aftermath of Harvey became clearer, The Australian reported. In a conference call, Craig Bennett, insurance ratings director at S&P, said that QBE Insurance faced the most risk. Search and compare insurance product listings for Natural Disasters from specialty market providers here “The potential for claims to be large is there,” Bennett said. “The potential for Australian exposure would probably be largely through QBE and they do have moderate levels of well-structured reinsurance in place to manage that risk. It wouldn’t create any pres