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Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia. -
The pay-out figure has nearly doubled over the last two weeks.
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The organisation has now recorded 640,496 claims, most of which were for residential property.
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The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.
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Most claims so far have been for damage to residential property.
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A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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In its annual report published earlier this year, BOC revealed it was pursuing a claim for aircraft worth $589mn stranded in Russia.
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The central-west region of the state was struck by severe flooding over the weekend.
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