FEMA - Hurricane Ian-related insured losses to be heavy says report
Insured losses from Hurricane Ian will be heavy, with the event having led to significant catastrophe losses already for many large property-casualty carriers and reinsurers, according to a report by S&P Global Market Intelligence.
Smaller Florida-centric carriers reported significant catastrophe losses because of the event, with HCI Group ( HCI ) reporting $78M in Q3 losses from the hurricane, Heritage Insurance Holdings ( HRTG ) reporting $40M and United Insurance Holdings ( UIHC ) $36.4M, the report noted.
Swiss Re ( OTCPK:SSREF ) ( OTCPK:SSREY ) suffered $1.30B in Q3 losses from Ian, the report said.
Various risk modelers predict varying amount of insured losses from the Sep. 28 Category 4 storm, although the final cost of the event is yet to be determined.
Karen Clark & Co. reportedly estimated a total of $63B in privately insured losses, Verisk predicted between $42B and $57B and CoreLogic a range of $31B to $53B.
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Hurricane Ian-related insured losses to be heavy, says report