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Assurant’s housing segment to shoulder $110m Q3 cat losses

16th October 2020 - Author: Charlie Wood

US specialty insurance group Assurant expects to record roughly $110 million pre-tax, or $87 million after-tax, of catastrophes losses in its global housing segment for third quarter 2020.

AssurantNearly half of the losses were related to hurricane Laura, with the balance primarily related to claims from Sally and Isaias and the wildfires in California and Oregon.

The estimate includes other cat events that generated losses in excess of $5 million, pre-tax, net of reinsurance.

Since no single event reached the company’s $80 million pre-tax per-event retention, reinsurance will not be applied to these cat losses.

Laura and Sally predominantly impacted the Gulf Coast region, while the impact from Isaias was spread across the mid-Atlantic and Northeastern regions of the U.S.

The company expects to report its full quarterly results on November 2.

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