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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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The NHC has warned of a large storm with hazards extending across the state.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
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The personal lines giant is closely watched as a bellwether for the size of the overall homeowners loss.
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With aircraft valued between $25bn and $30bn stranded in Russia, aviation claims are being hotly contested.
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Perils said the storm tracked through an area of low value concentrations.
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Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.
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The previous estimate, released in May 2021, pegged the losses at A$1.016bn.
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The case comes six months after DAE announced it had filed a $1bn insurance claim for 19 aircraft stranded in Russia.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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A self-assessment carried out by 10 insurers identified several key failings in exposure management, the watchdog said.