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The nature of the event means that more losses may take time to emerge. -
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.
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The loss estimate for the February 2020 event is up 3% on an August assessment.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The final loss estimate fell by 2.5% as Perils said similar-sized losses could recur every three years.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
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The event was the third Australian hailstorm event of 2020 reported by the data aggregator.
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The industry should expect similar losses in any given year, BMS vice president Andrew Siffert said.
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