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The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane. -
The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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KCC has added a loading for litigation costs to the storm loss estimate for the first time.
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RMS pushed the guidance for the Carolinas component of the Ian loss $120mn higher at the mean level up to $1.94bn, as it updated figures on Saturday in private figures to clients.
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Most of the losses will come from wind damage, while storm surge and inland flooding could account for up to $6.5bn in total.
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KCC previously issued a $32.5bn number in a private client advisory based on Ian's Tuesday track.
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The figures include both wind and storm surge losses.
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The incoming CUO joins from InsurTech MGA Kettle, where he was also CUO.
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The storm’s likely quantum is still highly contested, but all scenarios are challenging for Florida homeowners and cat treaty writers.
