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The estimate has reduced slightly since the modeler’s last update in October. -
Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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Rate increases averaged 0.0% in December 2024, from 16.3% in December 2023.
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This will be the most expensive fire in the state’s history, it said.
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Also, John Diaz will lead a customer and distribution management function.
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The regulator also emphasized the need for private flood insurance after hurricane Helene.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Robin Hamilton has been appointed head of energy and marine liability.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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Piyush Patel and Sandra Russo have joined Dellwood as head of programs and AVP, respectively.
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