Kroll Bond Rating Publishes Insurance Research: The 2016 Atlantic Hurricane Season Continues to Produce Many Firsts
Kroll Bond Rating Agency (KBRA) today released a new research report on the 2016 Atlantic hurricane season. KBRA notes that the 2016 Atlantic hurricane season has produced many firsts.
Hurricane Matthew is the first hurricane to achieve Category 5 status since Hurricane Felix in 2007. Earlier this year, Hurricane Hermine, a Category 1 hurricane, was the first to make landfall in Florida since Hurricane Wilma in 2005. Additionally, Hurricane Alex was the first hurricane to form in the month of January since 1938.
Hurricane Matthew was first observed as a tropical wave on September 22, 2016 and attained hurricane intensity on September 29. The next day, Matthew became a Category 5 hurricane. As of 2:00 p.m. EDT on October 3, Hurricane Matthew was headed almost due north as a Category 4 hurricane, with sustained winds near 140 mph.
If Hurricane Matthew were to make landfall as a major hurricane in Florida or elsewhere on the east coast of the United States, the financial losses could be substantial to policyholders, investors, and insurers with this geographic exposure.
To view the report please click here.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).