Claims and losses

P&I club Gard reported a post-tax loss of $27mn in the first half of the 2021 financial year on an estimated total call basis as the trend of large pool claims continued to hit the bottom line.

Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.

Data published by the NOAA illustrates a low incidence of hurricanes later than October over last 30 years.

The P&C unit’s combined ratio deteriorated to 101.5% after triple-digit Ida and Bernd losses.

The carrier revised its cat bill following Ida and PG&E losses.

IAG said catastrophe losses have reached 77% of the way to triggering its aggregate reinsurance cover for its fiscal year 2022.

Disputes over coverage and aggregation have continued since the Supreme Court gave its test case verdict in January.

Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.

Hailstones of up to 14 cm in diameter inflicted major damage on cars and property in the state.

Mapfre Re’s loss ratio worsened by 10.9 points as Storm Bernd alone caused EUR92.4mn in losses.

The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.

The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.