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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk. -
The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
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Loss estimates for the disaster from the likes of KCC, Verisk and Moody’s RMS now range between $28bn and $40bn.
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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss.
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The laws mandating payments were enacted after devastating fires in 2018.
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The industry loss number has increased threefold from an initial $5bn pick.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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