California
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More than 33,000 claims had been filed as of 5 February. -
The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The LA fires ‘demonstrate the magnitude of tail events not well captured in modelling’.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
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The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.
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The carrier’s reinsurance premiums ceded rose by 32% to $3.4bn in 2024.
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CFP has a $900mn reinsurance attachment point and is still receiving claims daily.
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The bond is likely replacing the 2021-1 Class F bond, which matured in December.
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AuM remains generally flat at UCITS funds over the weeks since LA fires started.
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But cat bonds are experiencing negative secondary market price movement.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The carrier has been reducing its presence in the state since 2007.
