In a preliminary estimate,
Aspen Insurance Holdings Limited reported that it had suffered approximately $310 million in pre-tax losses, net of reinsurance and reinstatement premiums related to Hurricanes Harvey, Irma, and Maria.
About $110 million of those losses were from Harvey, $135 million from Irma, and $65 million from Maria.
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Aspen also projected that it would see pre-tax losses, net of reinsurance and reinstatement premiums of about $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 $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.
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The loss estimates come as Florida’s Office of Insurance Regulation reported that the potential insured losses from Hurricane Irma are worth an estimated $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.
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