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The council has begun gathering data to assess the insurance impact. -
The company’s reinsurance business also has some exposure, the executive said.
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This follows a ruling to declass the representative proceeding filed against IAL.
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Plus, the latest people moves and all the top news of the week.
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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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Secondary perils accounted for 65% of global insured losses in 2024.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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Munich Re and Berkshire Hathaway are among the major providers to large California cedants.
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The carrier also has a $500mn excess $2.4bn aggregate protection.
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Compared with its initial figure, CatIQ’s latest estimate has increased by 40%.
