Assurant expects up to $150m Q4 nat cat loss
Assurant expects to record between $110 million to $150 million pre-tax, of fourth quarter 2018 reportable catastrophe losses in its global housing segment.
This loss range for the quarter includes an initial view of expected losses related to the November Camp fire and Woolsey fire in California and a refined range for losses related to hurricane Michael that occurred in October 2018.
The California wildfire losses were primarily driven by fire damage for lender-placed and manufactured housing products, the company said. Hurricane Michael losses are related to wind damage for lender-placed and other housing products.
Catastrophe losses from hurricane Michael are set to cost Assurant between $80-$100 million while the California fires are expected to cost between $30-$50 million.
The company’s reportable catastrophes include individual catastrophic events that generate losses in excess of $5 million, pre-tax and net of reinsurance and including reinstatement and other premiums, the firm noted.
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