Global insurer and reinsurer XL Group Ltd has announced preliminary estimated natural catastrophe losses of around $250 million for the fourth-quarter of 2017, the majority of which is from the California wildfires and will be mostly assumed by its reinsurance segment.
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The $250 million estimates for the fourth-quarter are pre-tax and net of reinsurance and reinstatement and adjustment premiums and redeemable non-controlling interest, and through December 1st, 2017.
The losses add to the $1.5 billion of natural catastrophe losses the re/insurer experienced in the third-quarter, taking its H2 2017 nat cat loss total closer to $2 billion.
XL said the primary driver of its Q4 losses is the impact of the October 2017 California wildfires, which accounts for roughly $200 million, or 80% of the overall loss, primarily from its reinsurance segment.
The re/insurer said that these estimates are subject to change, given facts are still developing and the complexity of the events.
XL is the latest re/insurer to report its expected hit from the California wildfires, which catastrophe risk modeller AIR Worldwide says could result in overall industry loss of $10.5 billion.
