US specialty insurance group Assurant has announced that it expects to record approximately USD 46 million pre-tax (USD 36 million after-tax) of catastrophe losses for the third-quarter of 2019, mainly driven by the impacts of Hurricane Dorian.
Assurant states that the majority of its Q3 catastrophe hit is expected in its Global Housing segment, and is primarily related to Dorain’s impact on the Bahamas, where Assurant incurred losses from assumed residential policies in the region.
The storm’s impact on the U.S. had less of an impact on Assurant in the third-quarter, although losses were incurred in parts of the Mid-Atlantic U.S. for lender-placed and manufactured housing products.
In total, Dorian has resulted in pre-tax catastrophe losses of USD 33 million for Assurant in Q3.
The company also experienced USD 7 million of reportable pre-tax catastrophe losses from Tropical Storm Imelda, for lender-placed and manufactured housing products in Texas, and also USD 6 million of loss creep from reportable cat events that occurred in both 2017 and 2018.
Assurant explains that its reportable cat losses include individual events that generated losses above USD 5 million, pre-tax, net of reinsurance, client profit sharing adjustments, and including reinstatements and other premiums.