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<title>MORGAN STANLEY: Here are the insurers that stand to lose the most from Hurricane Harvey (ALL, TRV, HIG, PGR, BRKA) | Markets Insider</title>
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<meta name="description" content="When the waters recede, damages from Hurricane Harvey, which struck the Texas coast this weekend, will be extensive.
They&rsquo;ll also be extremely costly ..."/><meta name="og:description" content="When the waters recede, damages from Hurricane Harvey, which struck the Texas coast this weekend, will be extensive.
They&rsquo;ll also be extremely costly ..."/><meta name="twitter:description" content="When the waters recede, damages from Hurricane Harvey, which struck the Texas coast this weekend, will be extensive.
They&rsquo;ll also be extremely costly ..."/>	<meta name="keywords" content="Harvey 2017, Tropical Storm Harvey, Hurricane Harvey, Tropical Storm Harvey 2017, Hurricane Harvey 2017, Harvey updates, Insurance, Morgan Stanley, Markets, State Farm, Allstate, Progressive, Berkshir" />


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			<h1 class="article-title">MORGAN STANLEY: Here are the insurers that stand to lose the most from Hurricane Harvey (ALL, TRV, HIG, PGR, BRKA)</h1>
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					<div class="news-post-source">Graham Rapier</div>


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			<span class="news-post-quotetime warmGrey">Aug. 28, 2017, 03:57 PM</span>
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		<p><img style="float:right;" src="http://static1.businessinsider.com/image/59a46d066eac402a008b5d67-1492/ap17239742639017.jpg" alt="hurricane harvey rescue" class="img-responsive imported-news-img" /><span class="source">Charlie Riedel/AP</span></p><p>When the waters recede, damages from Hurricane Harvey, which struck the Texas coast this weekend, will be extensive.</p>
<p>They&rsquo;ll also be extremely costly for insurers. Morgan Stanley is already beginning to think about total insurance claims.</p>
<p>&ldquo;Early estimates on wind losses from RMS are in the low single digit $billions. Flooding has been extensive and could cause more insured losses than wind,&rdquo; the bank said in a note published Monday morning.</p>
<p>Wind is typically covered under most personal and commercial insurance policies, but flooding is typically only covered under commercial policies, and not private homeowners&rsquo; policies.</p>
<p>For comparison, Hurricane Katrina in 2005 caused $79.7 billion in damages. In 2012, Hurricane Sandy&nbsp;caused $36.1 billion, and Hurricane Ike, which in 2008 hit a similar location along the Gulf&nbsp;coast as Harvey, caused $22.3 billion in damages.</p>
<p>Morgan Stanley pointed out that the ten largest homeowners' insurers are responsible for the bulk of that market. &ldquo;The homeowners market is concentrated (the top-10 account for ~77% of the market), but wind losses could be less than flood losses. Top carriers in our coverage include <a href="http://markets.businessinsider.com/stock/ALL-Quote?utm_source=markets&utm_medium=ingest" target="_blank">ALL</a> and <a href="http://markets.businessinsider.com/stock/TRV-Quote?utm_source=markets&utm_medium=ingest" target="_blank">TRV</a>."</p>
<p>Here&rsquo;s how the market share for homeowners&rsquo; insurance breaks down in Texas:</p>
<p><img src="http://static4.businessinsider.com/image/59a46c5579bbfd04418b5510-844/screen-shot-2017-08-28-at-30422-pm.png" alt="homeowners insurance market share texas" class="img-responsive imported-news-img" /><span class="source">Morgan Stanley</span></p>
<p>The stock prices of&nbsp;<a href="http://markets.businessinsider.com/stock/ALL-Quote?utm_source=markets&utm_medium=ingest" target="_blank">Allstate</a> and <a href="http://markets.businessinsider.com/stock/TRV-Quote?utm_source=markets&utm_medium=ingest" target="_blank">Travellers</a> were down 1.53% and 2.63%, respectively, Monday afternoon in New York.&nbsp;</p>
<p>The commercial insurance market, on the other hand, is a little more fragmented than homeowners&rsquo;, the bank says. &ldquo;In the commercial market, the top-10 account for only about 55% of the market (with the largest two writers including <a href="http://markets.businessinsider.com/stock/HIG-Quote?utm_source=markets&utm_medium=ingest" target="_blank">HIG</a> and TRV). Auto policies typically cover flood; largest writers in our coverage include <a href="http://markets.businessinsider.com/stock/ALL-Quote?utm_source=markets&utm_medium=ingest" target="_blank">ALL</a>, <a href="http://markets.businessinsider.com/stock/BRK-A-Quote?utm_source=markets&utm_medium=ingest" target="_blank">BRK</a>, and <a href="http://markets.businessinsider.com/stock/PGR-Quote?utm_source=markets&utm_medium=ingest" target="_blank">PGR</a>,&rdquo; according to&nbsp;Morgan Stanley.</p>
<p>Here&rsquo;s the breakdown of commercial insurance market share in Texas:</p>
<p><img src="http://static3.businessinsider.com/image/59a46c7279bbfd22008b598d-578/screen-shot-2017-08-28-at-30712-pm.png" alt="commercial insurance market share texas harvey" class="img-responsive imported-news-img" /><span class="source">Morgan Stanley</span></p>
<p><a href="http://markets.businessinsider.com/stock/PGR-Quote?utm_source=markets&utm_medium=ingest" target="_blank">Progressive</a>'s stock had shouldered the largest drop among this group so far, down 2.1% Monday afternoon in New York. <a href="http://markets.businessinsider.com/stock/BRK-A-Quote?utm_source=markets&utm_medium=ingest" target="_blank">Berkshire Hathaway A shares</a>&nbsp;were down 0.77% and <a href="http://markets.businessinsider.com/stock/HIG-Quote?utm_source=markets&utm_medium=ingest" target="_blank">Hartford Financial Services</a> was down 1.07%.&nbsp;</p>
<p>Underwriters typically underperform the market after a natural disaster because of the tremendous upfront costs, Morgan Stanley notes, but they then tend to outpace market gains as the losses become more clearly defined.</p>
<p>"While it is too early to gauge ultimate&nbsp;losses, the industry's balance sheet is strong, with plenty of excess capital and an&nbsp;influx of alternative capital," writes Morgan Stanley. "We think Harvey could help stabilize global reinsurance pricing, but do not expect a major turn in pricing to follow."</p><p>NOW WATCH: <a href="http://www.businessinsider.com/gary-shilling-henry-blodget-inflation-stats-misleading-2017-8?utm_source=markets&utm_medium=ingest" target="_blank">GARY SHILLING: Stats showing high inflation can be misleading</a></p>



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