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The cat modeller’s estimate follows a $950mn projection from Karen Clark and Company.
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The midpoint for the estimate is around $97mn above the company’s pre-tax cat load, with $75mn resulting from Hurricane Ida.
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This year’s nat-cat losses are hitting harder for reinsurers, as the top three events are larger in scale than any since 2017.
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The modelling firm has aimed to incorporate climate change impacts into its assessment of wildfire risks.
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Provinzial confirmed its claims had risen above EUR1bn and it now estimates they could reach EUR1.5bn.
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The modeller’s estimate is higher than BMS’s earlier $700mn figure.
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The regulator has published monthly claims data instalments following the conclusion of the test case into BI cover.
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The new figure includes a prediction of between $6bn to $9bn in both public and private insured flood losses in the Atlantic states region after Ida moved inland.
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The insurer’s net monthly cat losses reached $876mn.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
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Hurricanes, floods and wildfires are pushing up Q3 catastrophe losses, AIG's finance chief says.
