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The losses stemmed mainly from a March hailstorm in Brevard County, Florida.
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The insurer predicted catastrophe claims of $381mn for March.
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Catastrophes cost the carrier around $381mn in March, including reserves strengthening.
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Earnings growth of 15 percent was driven by a 1.8-point improvement on the combined ratio. -
The event is the costliest of the 2018-19 European storm season.
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Universal released pricing for its cat programme last week, and the Floridian cedant conceded a 30 percent rate rise with a view to getting the deal home.
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Quebec and Ontario saw the bulk of the insured damage.
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This is the fourth consecutive year that claims have exceeded $6bn, according to the Berne Union.
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The carrier warns secondary peril risk is on the rise after the Camp Fire cost $12bn.
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The risk modeller released a report examining under-insurance risk in areas at high to extreme risk for natural hazards.
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The disclosure follows a report from FedNat that it expects $7mn in claims from the storm, net of its quota share agreement.
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There is no doubt that some serious work needs to be done to change the way flood insurance is charged by Fema.
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