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The carrier is the latest in a string of primary insurers to provide loss estimates. -
The carrier’s property business retained $175mn of losses net of reinsurance related to the Hurricane.
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So far, the company has received nearly 12,000 claims associated with the storm.
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The insurer has received roughly 19,000 claims to date and estimates it will receive 27,000 to 30,000 claims.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
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Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
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The risk modeler estimated the NFIP could take $10bn additional losses from storm surge and inland flooding.
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The state insurance body received reports of 375,293 claims as of 6 October.
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The estimate includes wind loss, re-evaluated insured and uninsured storm surge loss and newly calculated inland flood loss for residential and commercial properties.
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As of October 4, Fema has received more than 25,000 claims and pushed out over $3.5mn in advance payments in Hurricane Ian affected states.
