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The national insurance association has added Bavaria and Saxony to its tally. -
The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.
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Huge disputes over aggregation of claims and ongoing coverage disputes point to uncertain overall exposures.
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The reinsurer posted intakes to its Medici and Upsilon funds.
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Heritage expects to incur $24.5mn of net current accident quarter catastrophe losses and $11mn of net current accident quarter other weather losses in Q2 2021.
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Nissan was forced to halt production, but SAIC’s car-making facility and Hon Hai Precision’s iPhone factory are not thought to have been seriously affected.
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The German insurance association called the low-pressure system Bernd ‘one of the most devastating in recent history’.
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The broker said ILS capital had reached $96bn at the end of Q1.
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There are 7,500 properties impacted by a high depth of water according to the satellite operator and flood monitor for the insurance industry.
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
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The blaze is in Butte County, just east of the city of Chico and above the Cresta Dam.
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The analyst said the loss will fall mainly to reinsurers rather than primary carriers.
