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A.M. Best says global reinsurers to bear material share of loss from Maria
September 27, 2017 / 6:29 PM / 2 months ago

A.M. Best says global reinsurers to bear material share of loss from Maria

(Reuters) - Ratings agency A.M. Best said it expects a significant share of the loss from Hurricane Maria to pass on to the global reinsurers evenly.

FILE PHOTO: Residents and cars make their way around and under obstacles blocking a main road nearly a week after Hurricane Maria raked the island, in Frederiksted, St. Croix, U.S. Virgin Islands September 26, 2017. REUTERS/Jonathan Drake/File Photo

The agency said it expects the loss would remain within the overall risk tolerance of most affected reinsures.

However, the reinsures’ earnings will be hurt and for some, the impact could be significant, A.M. Best said on Wednesday.

Maria roared ashore Puerto Rico last Wednesday as the most powerful hurricane to strike the island in nearly a century, knocking out the territory’s entire electrical grid, unleashing severe flooding and causing widespread heavy damage to homes and infrastructure.

The storm has claimed more than 30 lives across the Caribbean, including at least 16 in Puerto Rico.

It was the third major hurricane to hit the United States in less than a month, following Harvey in Texas and Irma in the Caribbean and Florida.

Reporting by Roopal Verma in Bengaluru; Editing by Maju Samuel

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