Global reinsurer Everest Re Group is expecting total pre-tax net catastrophe losses of $635 million for the third quarter of 2021, more than double the $305 million incurred during the entire first half of the year.
In comparison, the reinsurer reported losses of $15 million for Q220 and $45 million for H120.
In 2020 however these periods also experienced $160 million and $310 million of losses related to the COVID-19 pandemic, respectively.
This latest Q3 figure is net of recoveries and reinstatement premiums.
For Hurricane Ida, Everest is estimating insured industry losses of between $28 billion and $30 billion.
Meanwhile, for the July European floods, the company has placed an insured industry loss figure of approximately $12 billion
“The widespread impact of natural catastrophes in the third quarter has affected communities around the world,” said Juan C. Andrade, President and CEO of Everest Re Group.
“Our thoughts are with all of those affected, and we stand ready to help our customers and communities as they rebuild, recover and emerge even stronger.”