Hurricane
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A weakening La Nina and warm sea temperatures in the tropics raise the specter of elevated catastrophes for the rest of the year. -
The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The climate forecaster claims that the underlying assumption may be faulty.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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Of the largest insured losses from single events last year, the top eight occurred in the US.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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Hurricanes Laura, Delta and Zeta made landfall in the state during a record-breaking hurricane season.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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Last year’s season was “unprecedented” in terms of frequency, but not in terms of severity.
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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US.
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US hurricanes, storms, wildfires and civil unrest resulted in the carrier’s net cat loss burden doubling to $1.6bn.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
