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The claims count from New South Wales rose by 12% over the weekend. -
Windstorm Nadia/Malik was one of several to strike the region this winter.
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Exposure management is prevalent and underwriting profitability is patchy.
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The company’s new models will be generally available in June for major perils including US flood, US wildfire and Japan typhoons.
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The claims count on day 18 of the flooding stands at 118,016.
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The reinsurer exceeded its large-loss budget by $166mn.
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Catastrophe reinsurers are already off to a messy start for the year and may have eroded a significant part of their year-to-date Q1 cat budgets as floods are still unfolding in Australia following recent European/UK windstorms.
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The insurer has used up about 40% of its aggregate reinsurance limit, after quota share impacts.
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Insurers have received nearly 107,844 claims relating to the Southeast Queensland and New South Wales floods.
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The Floridian insurer said the write-down reflected prevailing valuation multiples.
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The first month of the year was quiet for natural catastrophe events.
