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The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year -
The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
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The third wildfire cat bond for the California utility will be its largest to date
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.
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The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
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The (re)insurer pegged industry losses from Ida at $30bn and increased its share buyback program to $1.5bn.
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The cyclone made landfall on 11 April, with strong winds affecting 800km of coastline.
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Modelling firms say their data shows events like Hurricane Ida should be anything but a surprise.
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From now on, per-event retentions for second and third events will lower to $55mn for hurricane and earthquake perils.
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The lower-than-expected losses so far from Ida do not stack up against what is thought to be a $30bn+ cat event.
