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Hot and dry weather conditions increase the challenges as Dixie and Caldor near full containment. -
Progressive books $341.9mn in cat losses from Hurricane Ida in August and sees the total rising to $510mn.
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The new figure includes a prediction of between $6bn to $9bn in both public and private insured flood losses in the Atlantic states region after Ida moved inland.
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The insurer’s net monthly cat losses reached $876mn.
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The sharpest decline was with the Catahoula Re 2020-1 Class A deal issued by Louisiana Citizens on which bids dropped 60.3c from 100.3c to 40c.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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Total economic losses are thought to be around $900mn.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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In its renewal season update, the carrier said Bernd, Ida, Uri and the pandemic would force up pricing across lines and regions.
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Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
