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Florida-based insurance companies are taking a beating, while reinsurers may be on the hook for large payments for the first time in years.
The potential severity of damages from Hurricane Matthew has been all over the map, as have forecasts for the storm itself (it's now currently on track to be the strongest to hit the U.S. in more than a decade). The latest projected economic loss for the U.S. is now $40 billion, based on Kinetic Analysis data cited by Bloomberg Intelligence. Insured losses could be $28 billion and reinsurers may be on the hook for large payments for the first time in years. Kinetic's forecast for economic losses has bounced around considerably in recent days, surging back up after dropping at one point to $5 billion. Forecasts from other sources are for damages of as much as $50 billion.
