Reinsurance News

Heritage expects weather-related losses of $21.5m in Q2

19th July 2019 - Author: Luke Gallin

Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has announced that it expects to incur approximately $21.5 million of net weather-related losses in the second-quarter of 2019.

Heritage Insurance logoThe company announced earlier in the year a catastrophe hit of $15.4 million in the first-quarter of 2019, which, combined with the latest update takes the firm’s H1 2019 net weather-related loss total to approximately $36.9 million.

Heritage states that the $21.5 million preliminary Q2 weather loss is primarily a result of four wind and hailstorms in the southeast.

Furthermore, at $21.5 million, Heritage’s Q2 weather bill has increased by roughly 129% year-on-year, from $9.4 million in the second-quarter of 2018.

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