Rating agency Moody's says second-quarter earnings among P&C carriers are likely to be pressured by losses paid on the May 20 tornado in Moore. Okla.
In a report issued today, Moody's says the monster tornado—rated EF5 on the Enhanced Fujita Scale, with winds of around 200 mph—tracked through both residential and commercial areas of the city, spelling potentially significant losses for both personal and commercial property insurance lines.
The losses are credit negative for P&C insurers, says Moody's.
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