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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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Sources estimated potential losses incurred by Coldeco at $400-$500mn, by Arauco at $100mn-$150mn and by CMPC facilities at $100mn.
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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 firm disclosed that ex-cat unfavorable prior year reserve reestimates totaled $875mn, of which $643mn were related to its personal auto unit.
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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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More than half of insured losses came from Nova Scotia.
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Arch Capital has pegged its estimated Q3 pre-tax net catastrophe losses at $530mn-$560mn, impacted by Hurricane Ian, as well as other events like US convective storms, Typhoon Nanmadol and hailstorms in France.
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Preliminary total economic losses this year through Q3, including an initial view of Hurricane Ian based on publicly available estimates, were $227bn.
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Lower-attaching Florida ILWs had been more in demand at this year’s mid-year renewals.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.