Some insurance companies in the Caribbean may not have enough reinsurance coverage to deal with the massive losses created by Hurricanes Irma and Maria, according to an industry source.
Twenty-one Caribbean countries were slammed by the two systems which made landfall on September 6 and September 18, respectively, with some countries being hit twice.
International agencies estimate insured losses could be between US$20 billion and $50 billion, a figure which, according to the expert who requested anonymity because of the sensitive nature of the issue, could rattle the industry.
International Rating Agency A.M. Best noted Hurricane Maria would test the financial strength of the Caribbean insurance industry and could place some companies at risk. (MB)
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