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A group of 12 insurers have volunteered not to factor in the grants in any claims.
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All three fires are prompting evacuation orders in Napa and Sonoma counties.
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The National Flood Insurance Program is expected to take $400mn-$800mn of losses.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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The carrier probably won’t be the last to flag additional losses from events cancellation.
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Speaking on Tuesday, John Neal reiterated the market’s commitment to customers in the Americas.
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The NHC expects “significant flash and urban flooding” to continue.
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The estimate excludes NFIP losses, offshore assets, and the potential impact of Covid-19.
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Analyst Philip Kett says consensus opinion has yet to wake up to mounting claims from smaller wind and rain events.
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The storm is churning at Category 4 strength in the Atlantic and could impact Bermuda after Paulette's recent strike on the island.
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Analyst Philip Kett says casualty reserves could prove inadequate as class actions continue.
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The ratings agency says 2020 is already the third-highest year for California wildfire insured losses.
