Reinsurance News

Dorian, Faxai drive $280mn of cat losses for Everest in Q3

16th October 2019 - Author: Luke Gallin

Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter of 2019, net of reinsurance recoveries and reinstatement premiums.

Everest Re GroupNet of tax, and Everest Re’s catastrophe loss estimate for the third-quarter falls to an estimated $225 million.

The catastrophe losses recorded in the quarter relate to Hurricane Dorian, which impacted the Bahamas and several states across Southeastern U.S., and Typhoon Faxai, which hit Japan during Q3. By event, and Everest Re explains that Dorian resulted in a loss of $160 million, and Faxai $120 million.

The Bermuda domiciled reinsurer states that these estimates specifically exclude any losses from Typhoon Hagibis, which made landfall in Japan on October 12th, 2019.

The loss estimates are based on a review of the reinsurer’s exposure, catastrophe models, available data from customers and intermediaries, and industry insured loss estimates of $8.5 billion for Dorian and $9 billion for Faxai. Everest Re notes that due to just how recent the loss events were, there remains meaningful uncertainty as to the ultimate loss amounts.

Everest Re’s announcement follows that of AXIS Capital, which recently announced estimated cat losses of up to $175 million in Q3 2019.

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