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RenaissanceRe earlier said it expects industry claims from the typhoon to hit $15bn. -
The two Florida-based insurers have continued to suffer increased losses from prior year events such as Hurricanes Irma and Michael.
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All new cat losses incurred during the quarter were retained by the carrier.
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Higher non-catastrophe claims stemming from the firm’s Global Risks portfolio were blamed for an 18 percent decline in the reinsurance unit’s nine-month earnings.
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Kincade Fire containment doubled overnight, with the Tick Fire now 94 percent contained.
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The carrier also disclosed an estimate of pre-tax catastrophe losses for the third quarter of $19mn.
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The two fires threaten more than 100,000 structures, with the Southern California fire affecting prosperous suburbs of Los Angeles.
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The result would represent the third annual underwriting loss for the club.
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The Insurance Council of Texas has estimated the industry‘s exposure to this week’s tornadoes will total $2bn.
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On Wednesday, sister publication Inside P&C called Travelers the “dead canary” in the coalmine on social inflation trends in the US P&C sector.
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The New York-headquartered carrier’s third quarter results suffered $33mn of pre-tax losses from Hurricane Dorian.
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Reinsurers look set to largely ride on the coat-tails of insurers on rate rises, with ceding commissions relatively steady.
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