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Both storms are expected to bring heavy rainfall, storm surges and strong winds.
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Pre-tax cat losses totalled almost $1bn, driven by claims related to hurricanes Laura and Isaias.
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The storm is churning at Category 4 strength in the Atlantic and could impact Bermuda after Paulette's recent strike on the island.
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Reinsurers and investors on the program’s flood-related cat bonds are watching the situation closely.
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The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties.
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July rains and typhoons Maysak and Haishen severely damaged Kyushu region, the body said.
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The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
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The Pensacola Bay Bridge was recently rebuilt in a $430mn investment project.
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Major reinsurance carriers like Munich Re, Hannover Re and MS Amlin are significant providers to some of the state's regional carriers, analysis suggests.
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The storm is expected to move across southeastern Alabama before hitting central Georgia on Thursday.
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Life-threatening storm surge is already occurring along the coastline from Alabama to the Florida Panhandle, including Pensacola Bay and southern portions of Mobile Bay.
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Severe convective storms account for almost 60% of insured losses, the company said.