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Texas Wildfires May Pressure Insurers’ Earnings

Moodys Rating Service expects the Texas wildfires will have a negative impact on insurers 3Q results when combined with other losses.

By Mark E. Ruquet | Updated on September 29, 2011

Moody’s Rating Service expects the wildfires consuming Texas will have a negative impact on insurer’s third quarter results when combined with other losses  experienced during the third quarter. The firm reported that 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. P&C industry’s earnings capacity and capital base.”

Earlier in Sept., the Insurance Council of Texas said it expected losses from the wildfires to exceed $100 million, which does put it close to (but not technically among) the top ten catastrophic U.S. wildfires.

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