Florida headquartered property casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced expected net current accident quarter weather losses of roughly $26.8 million in the second-quarter of 2020.
Heritage states that its Q2 2020 loss estimate includes approximately $17.6 million of net catastrophe losses.
The company says that weather and catastrophe losses in the period stemmed from “an unusually high” 13 PCS events, which mostly impacted Florida and the Southeast.
Analysts have warned that second-quarter catastrophe losses could be as much as 25% above the average of the last ten years for the re/insurance sector.
Earlier this week, analysts at KBW said that P&C reinsurers’ global cat losses will total $11.8 billion in the second quarter of 2020, stemming mostly from difficult North American weather and civil unrest across the U.S.