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TSR previously predicted activity slightly below the 1995-2024 average. -
A historic cat loss year remains a possibility as storm losses accumulate.
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SCS can no longer be considered a "secondary" peril for the US insurance market, Steve Bowen said.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Two large storms hit the Midwest and Ohio Valley regions on May 14-17 and May 18-20.
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Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.
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Tornadoes have killed at least 32 people in three states.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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Two wind and hail events were responsible for 60% of the total.
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The revision is significantly lower than the $4.5bn October estimate.
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Modeling wildfires is particularly challenging compared to primary perils like hurricanes.
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Shares were down as much as 20% after Hippo posted a $48mn loss.
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