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FOR IMMEDIATE RELEASE
OLDWICK - NOVEMBER 26, 2014 01:15 PM (EST)
A.M. Best has found that the potential exists for some insurance companies impacted by the recent snowstorm in and around Buffalo, NY, to hit the retention on their catastrophe treaties, particularly the small, geographically concentrated writers, according to a new Best's Briefing.
The briefing, titled, "Buffalo Snowstorm Impacts Regional Property Writers," notes that despite preliminary feedback from companies, it will take some time before property damage can be inspected and loss estimates can be determined. The storm hit the region Nov. 20-21, 2014, dropping as much as seven feet of snow in some areas in New York's Erie County. Property damage claims, along with water back-up claims due to snowmelt and business interruption claims on commercial policies, are expected. Any flooding as the snow melts would further complicate the ability to obtain damage estimates.
At this time, A.M. Best believes that companies have sufficient reinsurance coverage in place to maintain existing financial strength ratings.
To access a copy of this briefing, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=231194 .
A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.