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The loss aggregator has classified the fires as two separate events for reinsurance purposes. -
The insurance commissioner said the carrier has not shown the need for price increases.
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More than 33,000 claims had been filed as of 5 February.
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The losses do not change the near-term assessment of CinFin’s balance sheet strength.
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The estimate covers property and vehicle claims.
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Casualty reserve concerns continue to mount as releases remain elevated.
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The insurer disclosed the estimates as it seeks emergency rate hikes from regulators.
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The company will ‘aggressively pursue subrogation’ for the Eaton Fire.
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Annual report pegged data and cyber security risks as most cited business challenges.
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Insurers could absorb as much as 90% of this year’s already elevated losses given shifts in attachment points.
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Alexandra Furth has more than 20 years of claims and legal leadership experience.
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Ultimate losses from the Palisades, Eaton and Hurst fires are estimated at $4bn.
