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Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment. -
Initial loss estimates from convective storms and flash flooding place the economic impact in the hundreds of millions, although Aon warned losses may rise further.
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Joe Petrelli said Demotech would continue to follow its independent methodology, despite outside pressure.
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A further 3,271 structures, including both homes and businesses, are under threat from the wildfire.
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The two products offer coverage for high-value residentials in a state where frequency of wildfire is highest in the US.
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It’s still a great time to be a specialty insurer, but uncertainty about future prospects is mounting.
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The state-backed carrier has seen massive growth in the distressed Florida market.
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Aon said supply chain disruptions are easing, shipping costs are receding and building materials and vehicle pricing are decelerating.
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The decision finalizes a tentative settlement that was reached last month between several parties and prevents the claims from going to trial.
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The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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On the property side, the costs for rebuilding a structure continue to climb and could prove to be prohibitive.
