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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas. -
The insurer pegged its updated gross claims figure higher than the Elbe flood of 2002.
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The notification comes after a $100mn filing from Tulane University reported by this publication earlier this month.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The carrier’s catastrophe losses rose to $501mn from $397mn in Q3 last year
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The executive said “every reinsurance buyer” underestimated the impact of the flooding.
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The carrier also cited increasing continental cyber losses as a factor in continued market hardening.
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The FCA has published its latest monthly claims data on Covid-related BI payments.
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Sources said that the incident near Huntington Beach had the potential to exhaust the $1bn oil pollution reinsurance tower.
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The figure was lower as a proportion of shareholders’ equity compared to RenRe’s Q3 loss.
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The accumulation of cat losses have taken a toll on carrier’s aggregate reinsurance covers, which could set up 1 January renewals for such treaties to be as difficult as last year.
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The first pieces of solid risk loss information are coming to light following the storm, for which loss emergence has been slow.
