NEW ORLEANS (WVUE) – It is the time of year that people living along the Gulf Coast worry about hurricanes. Insolvencies by some insurers in recent years are prompting questions about whether the insurance industry is financially prepared for this year’s hurricane season.
Following Hurricanes Laura and Ida in 2020 and 2021, respectively, a dozen insurance companies failed in Louisiana, and others ceased writing new wind and hail coverage. Florida and some other states are also wrestling with insurance issues.
FOX 8 asked Sridhar Manyem, Senior Director of Industry Research and Analytics at A.M. Best, a global credit rating agency, to weigh in, in a general sense, on the financial readiness of the insurance industry for the 2024 hurricane season.
“I think we cannot make a blanket statement about specific companies, said Manyem. “But in general, we look at the homeowners’ insurance market, and we think it is very it …