Hurricane
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The Bermudian is expecting to pay $17mn in third quarter Covid-19 claims. -
Mohit Pande says insurers’ models are failing to take into account the impact of Atlantic Multidecadal Oscillation on storm frequency.
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Quarterly losses were led by the Midwest derecho, Hurricane Isaias and the Glass Fire.
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Hurricane Delta triggered the carrier’s aggregate reinsurance programme.
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Florida rivals Universal and United had previously announced quarterly cat loss totals of $58mn and $135mn apiece.
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The risk modelling firm also says offshore energy losses from the storm are unlikely to exceed $1bn.
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The carrier's Hurricane Laura loss has risen close to its occurrence treaty trigger.
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The carrier’s third quarter catastrophe losses will fall on its global housing business segment.
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The rating actions follow "diminished results" since 2016, the agency said.
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Claims forecasts have so far fallen in line with loss expectations well below $5bn.
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Including offshore losses of up to $1.5bn, the firm's total loss estimate ranges from $0.8bn-$1.5bn.
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Regional insurers are more likely to face significant surplus deterioration, the ratings agency said.
