Hurricane Dorian could cost insurers $25 bln- UBS [Reuters (UK)]
SWISS RE LTD S/ADR (SSREY)
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Source: Reuters
Hurricane Dorian could cost insurers $25 bln- UBS - Reuters 2 Min Read Sept 2 (Reuters) - Hurricane Dorian, which battered the Bahamas early on Monday, could cause insurance industry losses of up to $25 billion, according to analysts at UBS. Dorian, the second-strongest Atlantic storm on record, was forecast to pound the archipelago through the day, then move slowly towards the east U.S. coast, where authorities ordered more than a million people evacuated in Florida, South Carolina and Georgia. UBS analysts updated their model to reflect a wider potential industry insured loss range of $5 billion to $40 billion and raised their base case to $25 billion from $15 billion, with solvency capital at risk. The analysts estimate about $70 billion of natural catastrophe losses for 2019 and added this could erode excess capital and raise prices. Insurers faced record bills from hurricanes, earthquakes and wildfires of over $135 billion in 2017 and got some relief in 2018. UBS named Swiss Re a
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