A.M. Best Comments on Impact of Hurricane Charley on Property/Casualty Industry.OLDWICK, N.J. -- In response to Hurricane Charley This article is about the Atlantic hurricane of 2004; for other storms named Hurricane Charley, see Hurricane Charley (disambiguation). Hurricane Charley was the third named storm, the second hurricane, and the second major hurricane of the 2004 Atlantic hurricane season. , A.M. Best Co. has been gathering public and private information in order to assess the financial impact the hurricane will have on the global property/casualty insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. industry. A.M. Best believes that virtually all companies will be able to meet their commitments despite the projected magnitude of the potential losses. As part of A.M Best's analysis, each individual company is evaluated based on its ability to withstand the impact from a major event, including hurricanes. Although this particular hurricane represents a significant economic loss, actual insured losses are expected to be less than some current projections due to the industry wide improvements, including loss mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy initiatives and the formation of the Florida Hurricane Catastrophe Fund, implemented subsequent to Hurricane Andrew This article is about the 1992 hurricane; there was also a Tropical Storm Andrew during the 1986 Atlantic hurricane season. Hurricane Andrew is the second-most-destructive hurricane in U.S. history, and the last of three Category 5 hurricanes that made U.S. in 1992. While the greatest impact will be within the homeowners and automobile segment, additional losses are anticipated in the commercial segment, including commercial multiple-peril, business interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. and agriculture business. Over the next few weeks, A.M. Best will be evaluating the impact of this event in greater detail as additional information becomes available. It is anticipated that while individual ratings may be affected, the overall financial strength of the insurance industry will not be significantly weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. .
A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
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