Horace Mann Educators Corporation, an insurance and retirement solutions company for US educators and school employees, has estimated that its catastrophe losses for the third quarter of 2021 will be between $35 million and $40 million, pre-tax.
Notably, $20 million to $25 million of this figure is expected to be driven by Hurricane Ida, largely due to policyholder losses in the Gulf states.
In total, there were 24 events designated as catastrophe losses in the period by Property Claims Services (PCS) compared with 30 events in the third quarter of 2020 and 17 events in the third quarter of 2019.
“Horace Mann claims representatives responded quickly and compassionately to policyholders affected by Hurricane Ida. I’m proud of our team for delivering on our promise to help educators when they need it most,” said Horace Mann President and CEO Marita Zuraitis.
“Third-quarter results will reflect continued strong net investment income performance, the first steps toward the sales trends we have been anticipating and the growing value of our diversification into the Supplemental business line,” Zuraitis added. “We will update our full-year 2021 guidance and comment on our 2022 outlook when we report third-quarter results.”
The company continues to assume fourth-quarter catastrophe losses will be in line with the company’s $7 million to $9 million 10-year average.
Horace Mann also confirmed that it plans to release its Q3 2021 2021 results on November 3rd.
