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A majority of losses come from property-oriented businesses and inland marine. -
The carrier’s Eaton Fire loss would be a retained net loss hit.
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RenRe gave the highest anticipated market loss of $50bn.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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The company’s reinsurance business also has some exposure, the executive said.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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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.
