Wildfire
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The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes. -
Hurricane Michael and the California wildfires have trapped a significant portion of retro capacity, the analysts said.
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News of the steep C share loss follows the revelation of regulatory probes in the US and Bermuda.
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The reinsurer’s Sigma report says just over half of economic losses were insured, as in 2017.
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The insurer is understood to be exploring the possibility of claiming the Camp Fire as two separate events as it looks to maximise reinsurance recoveries.
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The carrier’s $1.2bn gross loss from the two wildfires would trigger the carrier’s nationwide programme, which attaches above $500mn.
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The vast bulk of the claims have come from the Camp Fire which has $7bn in insured losses to date.
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The figure includes a $15-$19bn loss estimate from the recent Camp and Woolsey fires.
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The losses relate to Hurricane Michael and the 2018 California wildfires, the Sompo International subsidiary said.
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The Event-Linked Bond Fund’s net assets reached $373.2mn at 30 September, up from $259.5mn at the same point last year.
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PCS has put out an initial $13.8bn combined loss figure for the Camp and Woolsey wildfires which tore through California in November, sources told Trading Risk.
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Steep reserve deterioration may reduce confidence in the fund’s reserving process, Jefferies analyst said in a recent note.
