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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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More than half of insured losses came from Nova Scotia.
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The firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
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Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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Arch’s estimate is commensurate with a range of expected insured losses across the global P&C industry of $50bn to $60bn.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.