-
The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company. -
“We can't lose sight of the fact that we are in the business of actually mitigating risk,” the executive said in an interview with Inside P&C.
-
“When you deploy property aggregate, the return you need on that is meaningful in light of the risk that you’re assuming,” Zaffino said Thursday. “I’m not sure if a plus mid-single digit [rate increase] gets you there in light of the [loss activity] we’re looking at.”
-
The updated loss estimates come on top of the $14bn to $19bn industry loss range the analytics firm provided last week.
-
The quake caused building damage and downed power lines, leaving at least one person dead.
-
The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
-
Casinos and ski resorts have shut down, and hotels are housing firefighters in usually buzzing holiday destinations near South Lake Tahoe, California.
-
The estimate includes damage to residential, commercial and industrial property and vehicles.
-
Experts fear for survivors, who now face an intense heatwave and up to a month without electricity.
-
Most of the damage occurred in Mexico as the country weathered an estimated $300mn of losses.
-
The risk modeller said Henri’s weakening before landfall spared the northeast US from the damage originally forecast.
-
At least 22 people have been killed, with 3,000 power outages reported in Humphreys County as of Monday morning.
