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The figure is well above the historical average of $39bn for this century. -
Allstate’s total pre-tax cat losses for H1 2024 were $2.85bn versus an estimated $4.39bn in H1 2023.
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The biggest losses were from wind damage after the storm’s Texas landfall.
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Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
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Uncertainty around the quantum remains due to policy deductible variation.
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The insured loss from Beryl in the US was pegged at $2.7bn.
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Industry losses of $800mn-$1.2bn are expected from Beryl's impact in Texas.
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Hurricane Beryl was a “harbinger of a hyperactive season,” CSU said.
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Secondary market activity and hedging would be likely if a Beryl-sized storm tracked toward the US.
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Houston mayor John Whitmire said: “We woke up this morning on the dirty side of a dirty hurricane.”
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Beryl has been downgraded to a tropical storm but is still life-threatening, with news media reporting two deaths so far.
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling.
