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The carrier said 72% of those losses occurred in personal property. -
A higher loss quantum will put a greater burden on retro programmes.
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Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The carrier has been reducing its presence in the state since 2007.
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The company says the recent wildfires will be the costliest in its history.
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The company’s reinsurance business also has some exposure, the executive said.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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The company received over 10,100 home and auto claims as of January 27.
