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Guy Carpenter said personal lines exposure would account for 85% of the aggregate loss. -
The laws mandating payments were enacted after devastating fires in 2018.
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Fitch said 1Q wildfire losses could add 6% to 10% to Mercury’s CoR.
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It is among the first bills to pass the House during Donald Trump’s presidency.
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After a period of re-assessing risk appetite, underwriters were signalling growth again – that was, before the fires.
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The total includes fire and smoke damage plus living expenses for evacuees.
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The fire started Wednesday morning and is currently 0% contained.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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Loss-cost indicators are high for liability, low for property.
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There are many unknown factors including insurance gaps, high-value property and damage to critical infrastructure.
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The homeowners’ MGA CEO said the wildfires could spur a re-evaluation of models.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
