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The claims count on day 18 of the flooding stands at 118,016. -
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.
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Net income was impacted by $4.4mn of reserve strengthening, net of reinsurance recoveries.
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The company is focusing on non-catastrophe offerings, such as P&C.
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Claims have reached 67,537 since yesterday’s update.
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Claims from New South Wales are expected to increase in the coming days, given the flooding emergency in Sydney.
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The insurance trade body has called on governments to increase actions to mitigate risks.
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The 2020s is the key decade for action to limit global warming and its impacts.
