US specialty insurance group Assurant expects to record approximately $50 million pre-tax, or $40 million after-tax in losses from natural catastrophes for the fourth quarter of 2024.
This estimate is more favourable than the preliminary figures shared during its third-quarter 2024 earnings call in November.
The reported losses primarily stem from lender-placed insurance in Global Housing and were largely driven by Hurricane Milton.
Reportable catastrophes include individual events that generate pre-tax losses exceeding $5 million, net of reinsurance and client profit-sharing adjustments, as well as reinstatement and other premiums.
Additionally, the recent California wildfires are anticipated to be a reportable catastrophe for the first quarter of 2025. Assurant plans to provide further details during its fourth-quarter 2024 earnings call on February 12, 2025.
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