In a preliminary estimate,
Aspen Insurance Holdings Limited reported that it had suffered approximately US$310 million in pre-tax losses, net of reinsurance and reinstatement premiums related to Hurricanes Harvey, Irma, and Maria.
About US$110 million of those losses were from Harvey, US$135 million from Irma, and US$65 million from Maria.
Aspen also projected that it would see pre-tax losses, net of reinsurance and reinstatement premiums of about US$50 million due to other loss events, such as the Mexican earthquakes.
The company said that approximately 75% of the total estimated losses are attributed to the reinsurance segment, while the remaining 25% to the insurance segment.
Aspen is expecting an underwriting loss of roughly US$340 million in the third quarter of 2017. The company’s third quarter 2017 financial results are scheduled for release later this month, October 25, reported Street Insider.
The loss estimates come as Florida’s Office of Insurance Regulation reported that the potential insured losses from Hurricane Irma are worth an estimated US$4.94 billion (as of October 13). The regulator said that as of last week, 747,534 claims had been filed in the state. Of those claims, about 19% had been settled with payments, while 13% had been closed without payment.
Homeowners accounted for 66% of the Irma-related claims made in Florida, News Service of Florida said.
Related stories:
Lloyd’s reveals fast reaction to spate of recent storms
Markel highlights expected disaster losses
