Claims and losses

Zurich’s cat losses for the first nine months are around $1.5bn, suggesting a lower-than expected contribution from Bernd and Ida which implies the firm may have triggered its aggregate reinsurance coverage, according to analysts.

FedNat transferred $562mn of its $599mn gross catastrophe losses to reinsurers in the third quarter, company executives said on an earnings call.

Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.

Munich Re CFO Christoph Jurecka reaffirmed the carrier’s commitment to cat business and revealed an expectation of further price increases in 2022.

The Dutch firm had given the AIG-owned platform a mandate that could range from EUR500mn to EUR1bn, covering US cat reinsurance.

The carrier will put its Maison Insurance operations into run-off.

The reinsurer revised its full-year P&C CoR to 100% after third-quarter storms.

The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.

Climate change is likely to have already driven up insured losses from hurricanes by 11%, and could raise annual windstorm losses by an additional 10-19%, according to the latest white paper from Karen Clark & Co (KCC).

The collateralised sidecar of Everest Re was hit by higher cat losses in the period.

Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.

Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.