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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago. -
The modelling firm is applying a 1.8x factor to residential losses from the storm to account for anticipated legal action against insurers and demand surge.
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The states of Victoria, New South Wales and Northern Tasmania have all been struck by floods.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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The state-backed insurer's claims tally was just over 47,000 this morning.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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The reinsurance segment is heading for a hard market regardless of whether the loss is $40bn or $60bn, but the swing will exacerbate trapital and influence the reload, Convergence conference panellists suggested.
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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.
