Reinsurers
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The storm is likely to be one of the costliest weather events in Canadian history. -
The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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Andy Houston will be based in London, reporting to Mark Roberts, division president UKISA.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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The appointment follows a series of moves across the Miami treaty sector over the past 12-18 months.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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As fires still rage, many fear early $10bn-$20bn estimates were too optimistic.
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The 2024 loss figure exceeded that of the previous record of C$6.2bn in 2016.
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In the US, pricing fell by 6.2% at the major renewal.
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