S&P Advises Floods Could Lead to Ratings Actions on Midwest-Focused Insurers

July 11, 2008

  • July 11, 2008 at 1:26 am
    Anonymous says:
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    someone didn’t think thru this too well – flood is not a covered cause of lass on most P & C business. Thus little or no impact on regional carrier – MPCI – most river bottom crops are fully insured by the government (high risk ground) very little retension by the insurer or re-insurer. Bottom line – Mid West Insurance Companies will be having a normal year.

  • July 11, 2008 at 3:03 am
    Harlysville says:
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    Did you see yesterday’s artical about Harleysville. Worst quarter EVER in there history. hmmmmmmmm

  • July 11, 2008 at 3:57 am
    He11ix says:
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    Some carriers may find Flood losses coming in through VP&R and other endorsements that don’t have Flood exclusions.

    They won’t be happy (nobody likes surprises) but I doubt it will be enough $$$ to impact ratings.

  • July 12, 2008 at 11:54 am
    ol school says:
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    some of you are really misinformed & I hope you don’t work in claims. Flood is covered for IM & auto & as the prior poster mentioned, many carriers also include at least some coverage in their property forms. Personal lines is also heavily affected. Carriers that write primarily in the midwest have been tagged & bagged this quarter.

  • July 14, 2008 at 2:12 am
    Icee says:
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    We found that the floods have spawned a multitude of sewer back-up and sump pump overflow claims.



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