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The carrier said it expected its Milton losses to fall below its EUR500mn ($537mn) Helene loss. -
Only around EUR70mn-EUR140mn will fall to private insurers.
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The carrier’s retail division saw the largest growth at 4.7%.
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The carrier has pegged preliminary pre-tax Milton losses at less than $200mn.
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The carrier increased specialty premium by 39% by the nine-month mark.
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The firm will provide an update on 22 November to avoid holiday season.
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The figures imply first-layer reinsurance recoveries for Helene.
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Insured losses for 9M 2024 have hit $102bn, according to a report.
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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics.
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The cyclone pool received $479mn in GWP in the year to 30 June 2024.
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The scheme will not be in place for 2025 as government discussions grind to a halt.
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Some reinsurers are considering frequency protection products.
