Major losses

The Iowa-based carrier reached this milestone for the first time in its history in July.

The loss-tracking agency’s claims total for Louisiana rose by roughly $1bn, as losses hitting New York increased by $0.5bn.

On Louisiana Citizens, Commissioner Donelon said that the state-backed carrier does not need to acquire additional reinsurance to endure the impact of major losses from the Ida and Laura storms.

The arrangement allows Brit to reduce exposure to US casualty claims inflation.

Louisiana Citizens Property Insurance had booked $439mn in Hurricane Ida losses by 30 September, implying the disaster will nearly wipe out five of its six traditional reinsurance layers and two cat bond tranches, according to Q3 financials updated on its website this month.

Insured losses from severe weather events in the US are on course to exceed $20bn, following the second highest October tornado tally on record, according to a report from Aon.

United Insurance holdings (UPC Insurance) reported net catastrophe losses of $37.0mn in Q3 2021, down from $140.0mn for the prior-year quarter, after action to significantly reduce gross and net catastrophe exposure during the past year led to a “materially reduced” hurricane loss.

FedNat transferred $562mn of its $599mn gross catastrophe losses to reinsurers in the third quarter, company executives said on an earnings call.

Executives from Munich Re, Aon, Willis Re and Guy Carp cited cyber, inflation and climate change as among the biggest risks facing the industry heading into 2022.

Insurance commissioner Jim Donelon encouraged policyholders to file supplemental claims for expensive rebuild costs.

The carrier revised its cat bill following Ida and PG&E losses.

The modeler incorporated a 5% exceedance probability insured loss estimate to its report for the first time.