Louisiana Citizens records $439mn Ida loss in Q3
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Louisiana Citizens records $439mn Ida loss in Q3

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Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.

The state-backed insurer’s loss pick includes incurred but not reported (IBNR) reserves of $318.4mn, on top of case reserves of $120.6mn.

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