California
-
The insurer disclosed the estimates as it seeks emergency rate hikes from regulators. -
Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
-
The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
-
Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
-
Underinsurance, total loss claims, and high property values have impacted loss estimates.
-
CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
-
But cat bonds are experiencing negative secondary market price movement.
-
The carrier disclosed it will book $1.1bn in net losses from the California fires.
-
The carrier has been reducing its presence in the state since 2007.
-
The carrier’s Eaton Fire loss would be a retained net loss hit.
-
The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
-
Plus, the latest people moves and all the top news of the week.
Most Recent
-
Miami Reinsurance Week: The soft market after the storm
13 February 2025 -
CatIQ pegs Ontario and Quebec flooding insured loss at C$2.8bn
13 February 2025 -
Global InsurTech funding halves to $688.2mn in Q4: Gallagher Re
13 February 2025 -
Daily Digest: Top news from 13 February
13 February 2025 -
Martinez fire threatens second major claim of 2025 for downstream
13 February 2025