NU Online News Service, Sept. 12, 11:45 a.m. EDT
As wildfires continue to flare throughout Texas consuming more homes and creating more losses for insurers, Moody's Rating Service says the blazes will have a negative impact on insurer's third quarter results when combined with other losses they've experienced during the third quarter.
Moody's says even if the losses were three times more than the 1,600 homes Texas officials say are confirmed lost to fires, the losses are “small compared with the U.S. property and casualty industry's earnings capacity and capital base.”
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