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The February Deep Freeze has already pushed cedants to access reinsurance, adding fuel for rate rises later this year. -
Claims from Winter Storm Uri will cost the carrier about $43mn, before tax.
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Most of the loss comes from BI, with the remainder split between physical damage and extra expenses.
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Property losses make up 96% of claims.
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Around 80% of the losses are expected from the reinsurance business.
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Analyst Philip Kett estimates US winter weather losses at $15.3bn.
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The club says the P&I aspects of the claim were “modest”, with the exception of a disputed loss of reputation claim.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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States most impacted include Alabama, Mississippi, Texas, Georgia, and Tennessee.
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The industry association reports 37,858 claims lodged so far.
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Much of the delay caused by the blocking of the Suez Canal is likely not insured, although any claims process will be long and complex.
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The data company describes the first quarter as benign.
