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A sub-$3bn industry insured loss event would be similar to estimates for hurricanes Beryl and Debby. -
The marine carrier’s financial result for the period was $25mn.
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Francine has been the eighth Category 2 or larger storm to make landfall in Louisiana since 2000.
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‘Life-threatening’ storm surge and hurricane-force winds expected for the state, according to the NHC.
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Francine is expected to make landfall in Louisiana tomorrow.
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The estimate from the Perils-owned company does not include any losses from Hurricane Debby.
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Flooding from the remnants of Hurricane Debby has taken carriers by surprise.
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Storm-like conditions caused by heat have led to “very erratic behaviour” on the so-called Line Fire.
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Some Canadian cedants have approached the market for top-up cover.
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Outdated data, widespread underestimation of insured values and rises in repair costs have increased loss creep.
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The Court of Appeal ruled that ‘at the premises’ wordings provide coverage for Covid-19 losses.
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The loss has increased by 1.4% since the company’s first assessment.
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