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The payouts follow the contract that Mapfre signed to pay $984mn to Colombia’s utility EPM. -
The Corporation’s CEO gave an early estimate of the storms’ impact in a year already marked by heavy cat losses.
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The firm said $3bn was still a substantial loss given that the weekend events were driven by pure tornado claims.
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The firm’s estimate fell at the lower end of the range for historic Top 10 tornado events.
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Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
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Empresas Publicas de Medellin will receive a $633mn payment in January 2022, in addition to a previously made $350mn payment, according to reports.
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D&F sources were generally optimistic that this segment would avoid major claims, although said it was early days.
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This late in the year, where the claims land in terms of historic tornado loss parallels is almost irrelevant to the question of disruption, as the event will compound existing delays.
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Domestic carrier Definity has said the event could cost it up to C$25mn.
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Hail, wind and torrential rain struck Victoria and Tasmania.
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Claims data points to a lower average cost of claim per claimant for a systemic event compared with attritional or non-systemic claims, according to head of cyber James Burns.
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The storm tore through north-western Europe in October, with major losses in France, Germany and Belgium.
