Hurricane
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Munich Re said there was growing pressure for underwriting discipline. -
The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
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The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
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The asset manager said that expected losses from Hurricane Typhoon and Hurricane Florence, as well as escalating Irma losses had led to the drop in Q3 NAV.
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Residential insurance lines will be most impacted by the storm, the modelling agency said.
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The firm’s losses were mainly due to Hurricane Florence and Typhoon Jebi.
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AIG said it has used about $700mn of its $750mn retention under its catastrophe aggregate reinsurance cover as it incurred $1.5bn to $1.7bn of Q3 losses.
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The losses are a result of claims from Hurricane Florence, California wildfires, typhoons Jebi and Trami and flood losses in Japan.
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According to market sources, the $2.5bn in losses mostly falls with homeowners’ insurance, which accounts for 62 percent of that figure.
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The carrier said Typhoon Jebi and Hurricane Florence will account for most of the claims.
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Losses from Japanese typhoons and Hurricane Florence helped drive up losses for the quarter, the reinsurer said.
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Initial modelled loss projections for the hurricane range from $2bn to $10bn.
