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BRIEF-S&P says re/insurance sector tallying losses from last week face no respite
September 8, 2017 / 1:17 PM / in 3 months

BRIEF-S&P says re/insurance sector tallying losses from last week face no respite

Sept 8 (Reuters) -

* S&P says re/insurance sector tallying losses from last week face no respite as hurricane Irma shapes up to cause greater damage than hurricane Harvey

* S&P says likely to view hurricane Irma as a capital event for re/insurance sector, in contrast to hurricane Harvey, which it assessed as an earnings event

* S&P says depending on the extent hurricane Irma makes landfall in Florida, there could be much higher insured losses compared with hurricane Harvey

* S&P says for both insurers dealing with hurricane Harvey,geographically concentrated players, losses from hurricane Irma will likely eat through earnings

* S&P says could consider negative rating on insurers where capital levels decline due to hurricane impact in excess of 10 percent below base-case assumptions

* S&P says based on Irma’s path and wind speed projections, covered losses on aggregate bonds could erode portion of retention layer,resulting in downgrades (Reporting by Kanishka Singh)

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