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Over 10,000 structures have been destroyed in California alone, Aon said.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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Several of the insurer's cat bonds have been heavily marked down in the secondary trading.
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The Everest Re sidecar had an underwriting loss for the quarter.
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The storm is set to weaken to a tropical depression before making landfall.
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The last-resort carrier met its retention after Hurricane Laura, but expects over $128mn in total insured losses from the 2020 storm season.
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Forecasts show Eta affecting the southern tip of Florida as it turns in the Gulf of Mexico.
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The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
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Reinsurance demand will be up in the near term, but a stronger if smaller pool of carriers would be another desirable outcome.
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Forecasters warned that the storm’s course remains relatively uncertain at this stage.
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The carrier is approaching the halfway point of its A$950mn natural hazard allowance, four months into its financial year, and has eroded up to 63% of its aggregate reinsurance deductible.
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The carrier, which has announced a strategic review, bought a further $5mn reinsurance top-up after storm Delta that will be triggered by Zeta claims.