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Disputes over coverage and aggregation have continued since the Supreme Court gave its test case verdict in January.
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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.
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Mapfre Re’s loss ratio worsened by 10.9 points as Storm Bernd alone caused EUR92.4mn in losses.
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The modeller incorporated a 5% exceedance probability insured loss estimate to its report for the first time.
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The increase of $10mn reflects re-estimation and the addition of Hurricane Nicholas.
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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.
