A.M. Best reviews impact of Southern Ontario storm

The recent storm that hit Southern Ontario resulted in vast property damages and losses totaling millions of dollars and resulting losses are expected to exceed $400 million, making it the highest insured loss in Ontario history. Early indications from A.M. Best Co.’s analysis of interactively rated companies impacted by the storm show that Canada’s p&c insurance industry warrant no immediate rating actions. A.M. Best reports that "all interactively rated companies should be able to meet their commitments despite the projected magnitude of the potential losses."A.M. Best will however continue to closely monitor the impact of the storm in greater detail as additional information becomes available.