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Big Insurance after Harvey, Irma—and More

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Part 3
Big Insurance after Harvey, Irma—and More PART 3 OF 8

Insurance after Harvey and Irma

AIG has the highest exposure

Hurricane Harvey devastated Houston in late August 2017, causing damages totaling $180 billion. However, Hurricane Irma could be even more expensive for major players in the insurance industry.

Among insurance giants, American International Group (AIG) is expected to be affected the most by Hurricane Irma, as the company currently has the highest exposure. AIG currently has $31 billion in property insurance outstanding, including houses and commercial residential developments.

Insurance after Harvey and Irma

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According to the latest announcement made by the AIG, the company has decided to suspend funding until it can determine the areas affected by Hurricane Irma. The company has decided to move ahead with the funding only after FEMA (Federal Emergency Management Agency) releases its natural disaster declarations.

Total expenses

AIG witnessed a marginal decline in total benefits, losses, and expenses in 1H17 compared with 1H16. In 1H16, the company incurred total benefits, losses, and expenses totaling $23.8 billion, while in 1H17, the company incurred expenses totaling $21.7 billion. The total expenses incurred by other insurance giants (IYF) in 1H17 are as follows:

  • Chubb (CB): $12.8 billion
  • Prudential Financial (PRU): $24.7 billion
  • MetLife (MET): $31.6 billion
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