Isabel Could Cause Major Losses
Tuesday, September 16th, 2003 Catastrophe PropertyHurricane Isabel, still days away from potential landfall in the United States, could cause significant insured losses, according to New York-based Smith Barney. Ronald Frank, analyst at the New York-based finance investment firm, said in his research note today that “even if Isabel makes landfall with weaker force than it has presently, it clearly has the potential to be a major insured loss event.” Isabel, a Force-5 hurricane, currently seems most likely to threaten the Mid-Atlantic states, Mr. Frank added, but it may also reach as far as Long Island and Connecticut. Mr. Frank pointed out, though, that since Hurricane Andrew in 1992, insurers and reinsurers have come “a long way” in terms of the technology and sophistication with which they model and control their catastrophe exposures.
