Global insurance and reinsurance group Everest Re has pre-announced an expectation of a $215 million catastrophe loss hit and a further $50 million hit from its crop reinsurance book in the fourth-quarter of 2019. Ahead of its results, Everest Re has joined the group of companies pre-warning of the expected hits to the final quarter of the year.
U.S. and global primary insurance carrier and reinsurance company Chubb has announced an expected fourth-quarter pre-tax and net of reinsurance hit of $430 million from catastrophe losses and an additional $23 million of losses from U.S. agricultural lines which were hit be weather-related poor growing conditions.
Economic losses from Florence were driven by a combination of both direct and indirect damages, with losses to businesses, housing and agriculture driving approximately 80% of the total loss estimate, according to the report. The impact on businesses and non-profits in North Carolina is currently estimated at around $5.7 billion, with over 3,800 properties incurring water damage and more than 23,000 incurring wind damages.
Hurricane Michael is expected to bring crop losses of up to about $2bn to the southeastern US – but that damage is unlikely to trickle into reinsurance. The US Department of Agriculture reported that Michael severely damaged cotton, timber, pecan and peanut crops, impacting up to 3.7mn acres of crop. RMS estimated liabilities could reach up to $1.9bn, but privately industry sources suggest losses closer to $1.3bn.
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