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Policyholders have filed some 730 claims after fires hit hills outside the western city.
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The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017. -
A weakening La Nina and warm sea temperatures in the tropics raise the specter of elevated catastrophes for the rest of the year.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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Aggregate cat bonds and quota shares may be exposed although the loss would typically be expected to skew to the traditional binders and insurance market.
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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity.
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The veteran risk modeller says claims will be driven by the combination of anomalous temperatures that are well below average in a region unprepared for such a sudden freeze.
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The nature of the event means that more losses may take time to emerge.
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In a note to clients seen by this publication, the risk modelling firm says the event may break records for insured winter storm losses.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The climate forecaster claims that the underlying assumption may be faulty.
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The last loss tally was 1.7% ahead of an August 2020 estimate for the storm, which exacerbated floods caused by EUR1.57bn event Ciara.
