Reinsurance News

The Hartford puts combined Harvey & Irma loss at up to $350 million

2nd October 2017 - Author: Luke Gallin

The Hartford has announced that it expects catastrophe losses of up to $375 million for the third-quarter of 2017, net of reinsurance, in light of the impacts of hurricanes Harvey and Irma.

The Hartford logoThe company has produced a Q3 2017 catastrophe loss estimate of between $325 million and $375 million, before tax, which declines to roughly $210 million to $240 million after tax.

For hurricane Harvey, The Hartford anticipates a loss of $175 million, pre-tax, and from hurricane Irma it expects a loss of between $125 million and $175 million, before tax. For both events, The Hartford experienced a larger impact on commercial lines than on personal lines.

Outside of hurricanes Harvey and Irma, and including the impacts of hurricane Maria, The Hartford says its other Q3 2017 catastrophe losses are relatively low.

The Hartford explains that all estimates are net of property per risk and other facultative reinsurance protection, with Harvey and Irma not expected to result in the firm calling on its property catastrophe occurrence treaty. Which, according to an announcement, has a $350 million pre-tex attachment point per event.

“As a result, the company has not incurred a reinstatement premium on its catastrophe program,” explains The Hartford.

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