The Hanover expects up to $76m nat cat costs in Q1
US-based property/casualty insurer The Hanover estimates the impact of catastrophe activity to be in the range of $66 million to $76 million before taxes in the first quarter of 2018.
The cost represents approximately 5.5 percent of earned premium at the midpoint of the range.
Losses primarily stemmed from winter storms in the Midwest and the Northeast in January and March. This estimate also includes the benefit of favourable development of approximately $9.5 million on prior-year catastrophe losses, primarily related to 2017 hurricanes and California wildfires.
The Hanover has a policy to release quarterly catastrophe loss estimates if they exceed the company's catastrophe assumptions by more than 50 basis points for a reported period.
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