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Severe convective storms caused strong winds, large hail and flash flooding in parts of the US and Canada between August 10 and August 15.
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The Cat-4 storm is likely to weaken as it approaches the California coast.
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The development in reconstruction costs and contingent BI claims may put the ultimate sum beyond current estimates.
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The loss is composed of personal lines property losses, representing 54% of the loss, and commercial lines property losses, which represent 46% of the total industry loss.
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The latest estimates peg the fires as the second largest loss event in the state’s history, second only to Hurricane Iniki in 1992.
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Most forecasters now predict above-average storm activity for the Atlantic as a result of record-high sea-surface temperatures.
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Primary writers of homeowners and commercial property are exposed, while reinsurers could face wildfire losses.
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The modelling agent estimated that the total number of buildings within the fire perimeter is approximately 3,500.
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Tens of thousands of people have been evacuated from the island, and nearly 14,000 Maui residents remain without power.
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Due to the collapse of the value of the lira since February, payouts are worth less in dollar terms.
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A fire aboard a car carrier last week raised fresh concerns about the transportation of lithium-ion batteries in electric vehicles.
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The floods struck New Zealand’s North Island between 27 January and 2 February 2023.