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National Security Fire & Casualty Company’s exposure to Hurricane Michael may hit $15mn, with reinsurers possibly on the hook for $11mn.
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The reinsurer was hit with estimated Q3 cat claims of $240mn from losses including Florence, California wildfires and typhoons in Japan.
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The losses are largely related to Hurricane Florence and Typhoon Jebi.
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Hurricane Florence led to $72.5mn in pre-tax claims for carrier.
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Almost two-thirds of the losses are expected to stem from homeowners’ claims.
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The fund manager’s estimate assumes industry-wide Michael losses won’t breach the $10bn threshold.
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What would have happened if Hurricane Irma hadn’t swerved off its course towards Miami?
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First Protective has a 14 percent share of values insured within the two Michael-struck counties.
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State Farm writes more than a quarter of homeowners’ cover in the state.
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Analysts expect Q3 cat losses to be manageable for their covered (re)insurance companies.
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Michael losses are likely to fall on the reinsurance market due to the low attachment points of the Floridian homeowners’ insurers.
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The company cut its 2018 net profit forecast to EUR700mn after a number of large industrial losses.
