Harvey hits insurance stocks as loss estimates surge to $20 billion


  • World
  • Tuesday, 29 Aug 2017

A Texas National Guard soldier carries a woman on his back as they conduct rescue operations in flooded areas around Houston. 1Lt. Zachary West, 100th MPAD/Texas Military Department/ via REUTERS

BOSTON/FRANKFURT (Reuters) - Hurricane Harvey's whipsaw of wind and rain across Houston and the Texas Gulf Coast hurt the shares of U.S. property and casualty insurers on Monday as Wall Street analysts estimated insured losses as high as $20 billion (15.47 billion pounds).

That would make it one of the costliest storms in history for U.S. insurers, but could ultimately help insurers and reinsurers to raise rates, some analysts said, after a period of low premiums.

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