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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss. -
Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Total economic losses were $368bn, 14% above the 21st century average.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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Two 2021 worldwide aggregate ILW notes are also among the markdowns.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The bond is split into five tranches, with two notes offered on a zero-coupon basis.
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