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The broker’s figure is 40% higher than its annual average for the 21st century, with the bulk of losses coming from the US. -
Storms tore through four states in January last year with hailstones up to 6cm in size.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The move comes as environmental policies move up the list of investor priorities.
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Losses were relatively evenly divided between the two events.
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The 12 Days of ILS Christmas
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Claims arose from events including Hurricane Delta, Hurricane Zeta and Tropical Storm Eta.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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Aon’s Impact Forecasting put total insured losses across various events including Hurricane Eta at $1.2bn or more.
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The permitted growth has accelerated from a 7% increase moving from 2019 to 2020.
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