Major losses
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Heritage expects to incur $24.5mn of net current accident quarter catastrophe losses and $11mn of net current accident quarter other weather losses in Q2 2021.
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The insurer’s better-than-assumed cat loss in Q2 followed on from it burning through 48% of its aggregate cat reinsurance deductible in Q1.
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Catastrophe losses for the month fell to $195mn, a sharp drop from the prior year’s $752mn.
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Citing this summer’s heat waves and the drought across the West, AM Best warns that insured wildfire loss totals may climb higher than 2020’s $1.2 bn.
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The storm was the earliest named E storm, forming nearly six weeks earlier than average.
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A spell of tornadoes, rain and hailstorms across the continent drove the loss activity.
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The total volume of surety bonds impacted by the bankruptcy is likely to exceed $500mn, including $19.5mn of surety exposure for Intact Financial’s One Beacon.
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Miami-Dade Circuit Judge Michael Hanzman warned of an "allocation issue" between those who have lost loved ones, and those "lucky enough" to have only lost property.
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The fairly late notification and the size of the claim have prompted some to question whether further substantial Uri claims could be in the pipeline.
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The insurer has lifted its ceded premium ratio and noted tougher terms on low-lying all-perils coverage.
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Senate Bill 11 was passed by the Committee on Insurance on Thursday.
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The figure was significantly down on the prior month’s $544mn, and also came in 39% below the year-ago loss tally.
