Bermuda-based carrier Arch Capital Group Ltd. has announced pre-tax catastrophe losses of $530 million to $560 million in the third quarter of 2022, net of reinsurance and reinstatement premiums, across its property casualty (P&C) insurance and reinsurance arms.
The re/insurer expects its Q3 2022 results to be negatively impacted by hurricane Ian, as well as from a range of other global events that occurred this year, such as U.S. convective storms, Typhoon Nanmadol, and the June hailstorm in France.
While Arch Capital fails to break down the individual loss, it explains that its loss for Ian is commensurate with a range of estimated insured losses across the global P&C sector of $50 billion to $60 billion for the storm.
At this time, Arch expects the majority, or 70% of these losses to be assumed by its reinsurance business, and 30% its insurance division.
“For Hurricane Ian in particular, the timing of the event late in the third quarter increases the uncertainty in the Company’s estimates, as it is relying on a preliminary view of the claims that may be reported, with limited knowledge of the actual insured damage that may have been sustained during the event,” notes Arch.
Arch Capital joins a growing number of insurers and reinsurers to have now released estimates for claims related to hurricane Ian.
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