The U.S. government and American International Group Inc. have parted ways again, and for the insurer its the end of a nine-year journey of retrenchment and reinvention.
Hurricane Irmas westward shift will probably inflict heightened damage on people and businesses unable to adjust to its new path in time, while the storm fuels floods that many insurance policies dont cover.
The company holds a policy that would probably cover about $100 million to $150 million, with costs shared by carriers in the London market and elsewhere.
Estimates for damages caused by Hurricane Harvey are climbing with the storm poised to regain strength in the Gulf of Mexico before crashing back on land.
Hurricane Harveys second act across southern Texas is turning into an economic catastrophe with an unusually large share of victims lacking adequate insurance.