On Aug. 19, Southern Ontario was impacted by a 1/100 year storm that resulted in vast property damages and losses totaling millions of dollars. Industry experts believe that as a result of this storm, losses will exceed $400 million, making it the highest insured loss in Ontario history.
A.M. Best Co. is analyzing information on interactively rated companies in order to assess the financial impact the storm will have on the Canadian property/casualty insurance industry.
Early indications reveal that no immediate rating actions are warranted, and all interactively rated companies should be able to meet their commitments despite the projected magnitude of the potential losses. A.M. Best will closely monitor the impact of the storm in greater detail as additional information becomes available.
Currently A.M. Best maintains 111 interactive financial strength ratings and 51 public data (pd) ratings on Canadian property/casualty companies.
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