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Cat activity was a “modest” $175mn for Q4, but still up year over year. -
Losses from the larger fire will amount to $20bn-$25bn, the modeler said.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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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 estimate has reduced slightly since the modeler’s last update in October.
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Year-end reserving, Milton and wildfires will dominate Q4 earnings discussions.
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The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
