Hurricane Harvey unlikely to damage insurers' balance sheets

The Wall Street Journal reports insurance and reinsurance firms have large cushions to absorb Hurricane Harvey losses.

Personal and commercial insurers are said to have record levels of capital, money they have on hand to cover such obligations as the hurricane damages.

Still, the hurricane that hit the Texas coast on Friday will hurt carriers with blocks of business in areas that have been hit hard, according to the report.

Read more from The Wall Street Journal.