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The reinsurer said it will be “significantly more challenging” to hit EUR3.3bn 2022 profit target. -
The estimate anticipates a full retention loss of $12.5mn from Hurricane Ian.
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The insurer said the estimate represents a 13.9-point impact on its Q3 combined ratio based on earned premiums.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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The insurer took $28mn in net Hurricane Ian losses and warned inflationary pressures surpassed expectations in general in Q3.
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The reinsurer is working to find the right inflation indicators for individual client portfolios.
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More than half of insured losses came from Nova Scotia.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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The reinsurer attributed $600mn to Hurricane Ian, based on an estimate that the total insured industry losses would come to approximately $55bn.
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Many homeowners are likely to see a significant portion of uninsured water damage despite roughly 30%-45% having NFIP coverage in certain areas.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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The carrier expects its underwriting track record to help it secure favourable reinsurance terms in a tough market.
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