American International Group Inc. and Allianz S.E. are among the insurers with the largest exposures to Hurricane Lane, a Category 4 hurricane approaching the state of Hawaii, Fitch Ratings Inc. said in a Thursday note.
The companies with the largest commercial lines market share in Hawaii include First Insurance Co. of Hawaii, AIG, Allianz Global Risks U.S. Insurance Co., DB Insurance Co. Ltd. and Liberty Mutual Insurance Co., when combining the statutory direct written premiums for inland marine, commercial multiperil (nonliability), fire and allied lines, according to Fitch.
The storm, packing sustained winds of 130 mph, could cause “considerable” insured losses in Hawaii if it shifts northeast and tracks through more densely populated areas, Fitch said.
Hurricane Lane moves toward Hawaii, as seen from the International Space Station./ @astro_ricky/NASA via REUTERS