The Hartford expects up to $365m cat hit in Q4
US-based property/casualty insurer The Hartford expects an impact of $350 million to $365 million pre-tax, primarily from the Camp Fire in northern California, in the fourth quarter of 2018.
After tax, the insurer's fourth quarter current accident year net catastrophe impact is estimated at approximately $275 million to $290 million.
The estimates include the losses from Camp and Woolsey fires in California and Hurricane Michael. The wildfires destroyed over 20,000 residential and commercial structures, and additionally damaged almost 1,000 structures.
According to the catastrophe risk modelling firm AIR Worldwide, industry insured losses from the Woolsey fire in Southern California will be at least $2.5 billion. Meanwhile, Moody's has estimated that the total insured losses from both California wildfires may reach between $10-$15 billion.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
London Market needs EU equivalence regime change in Brexit deal: LMG
QBE sees trade credit cover demand surge in the UK
MetLife Japan CEO Shah departure causes leadership reshuffle
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze