Severe weather in early April led to $50mn in losses, while civil unrest in May and June will cost the insurer $29mn.

The carrier is expecting to report a combined ratio of between 98% and 99% for the second quarter.

The insurer does not expect Covid-19 losses to have a material impact on its second quarter earnings.

The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.

With all P&C major target asset classes up in Q2, carriers are set to report substantial book value gains from investments, reversing the balance sheet hit from the previous quarter.

In the equivocal macro environment heading into Q2 results, P&C stocks outperformed the market.