Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said.
Beryl made landfall along the Texas coast as a category 1 hurricane, bringing strong winds and storm surge to much of the Texas Gulf Coast. Parts of east central Texas received 10 to 15 inches of rainfall.
Catastrophe modeling company Karen Clark & Co. said on Thursday that insurers may take a hit of about $2.7 billion from damage caused by the storm.
Core Logic estimated