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The carrier expects to book $100mn-$140mn from the California wildfires. -
Insurers have paid $6.9bn in Southern California wildfire claims in the first four weeks of recovery.
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The loss aggregator has classified the fires as two separate events for reinsurance purposes.
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The insurance commissioner said the carrier has not shown the need for price increases.
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The losses do not change the near-term assessment of CinFin’s balance sheet strength.
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The estimate covers property and vehicle claims.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Insurers could absorb as much as 90% of this year’s already elevated losses given shifts in attachment points.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The NFIP’s strategy is to use "short-term borrowings" to meet what could be $10bn in claims.
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The role at PCS included acting as primary touchpoint for ILS.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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