Wildfire
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The insurer’s general insurance CEO said shortages of retro capacity will drive rate change.
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The insurer expects $1.8bn of losses from the Camp Fire and $475mn from the smaller Woolsey Fire. -
The insurer's Michael losses are set to come in at the higher end of its $150mn-$250mn estimated range.
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Woolsey was one of two highly destructive wildfires in California last month.
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The estimate is in line with modelled loss estimates.
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Bushfires have led to evacuations in the north of the country while Sydney has been hit by heavy rainfall.
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The Everest Re sidecar will have less capacity in 2019, the reinsurer has told brokers.
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The insurer forecast gross losses of $207mn from the Camp Fire and $46mn from Woolsey.
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It estimated that damage from the Woolsey and Camp Fires in California will be worth between $15bn and $19bn.
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The Woolsey Fire near Los Angeles has now been completely extinguished.
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The retro manager also warned 2018 wildfire losses could exceed those of last year.
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Sources suggested that average payouts would be well above face values of properties.
