California
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Changes in business mix towards specialty and improved reserve development offset higher Q4 cat losses.
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The estimate is based on industry losses in the range of $35bn-$45bn.
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The carrier has paid $1.75bn on around 9,500 claims filed from the wildfires.
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The carrier expects the market loss to land at $35bn-$40bn.
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The ratings agency has revised Mercury’s outlook from stable to negative.
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The estimate is net of its per-occurrence reinsurance program and gross of tax.
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A higher loss quantum will put a greater burden on retro programmes.
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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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