Tuesday, September 28th, 2004 — Standard & Poor‘s Ratings Services has issued a comment on the state of the U.S. property/casualty insurance industry and its short- and intermediate-term prospects in the wake of Hurricane Jeanne, the fourth hurricane to strike Florida this season.
"The insured loss estimates for Hurricane Jeanne appear to be averaging about $7 billion," said S&P. "These, combined with the estimated insured losses from the three earlier storms, would give a total insured loss from all hurricanes this season in the low $20 billions. In real terms, this approaches the loss from Hurricane Andrew in 1992."
The rating agency said, however, that at this point it doesn‘t have concerns about the solvency of any of the P/C insurers that it rates interactively.