California
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More than 33,000 claims had been filed as of 5 February. -
The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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Its post-tax estimate of $1.3bn is net of reinsurance recoveries.
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Underinsurance, total loss claims, and high property values have impacted loss estimates.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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But cat bonds are experiencing negative secondary market price movement.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier has been reducing its presence in the state since 2007.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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