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The modeller’s estimate is higher than BMS’s earlier $700mn figure. -
The regulator has published monthly claims data instalments following the conclusion of the test case into BI cover.
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The new figure includes a prediction of between $6bn to $9bn in both public and private insured flood losses in the Atlantic states region after Ida moved inland.
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The insurer’s net monthly cat losses reached $876mn.
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The storm has dumped more than nine inches of rain on the city of Houston and risks further damage to Ida-hit properties.
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Over nine inches of rain struck Houston and more than half a million Texas residents were left without power.
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Hurricanes, floods and wildfires are pushing up Q3 catastrophe losses, AIG's finance chief says.
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Insured cat losses for August were almost 3.8x higher than the 10-year average, according to Jefferies analyst Philip Kett.
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The modelling firm’s wind and surge losses remain at $17bn-$25bn.
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Economic losses from Hurricane Ida are likely to reach double-digit billions as costs rise globally from widespread cat events, Aon said.
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Scor Global P&C CEO Jean Paul Conoscente said on a briefing that rate hikes were barely keeping up with inflation.
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The automotive company’s total costs for the recall are expected to eventually tally up to around $1.8bn.
