RenaissanceRe has revealed an estimated $90 million net negative impact to Q4 results from the California wildfires which caused widespread damage to personal and commercial property and continue to rage through Southern California.
Kevin O’Donnell, CEO of RenaissanceRe, said; “this catastrophe once again highlights the critical role that the insurance and reinsurance industry plays in protecting people and rebuilding communities in the wake of natural disasters.
“As we have demonstrated consistently in the past, we stand ready to serve our customers in responding to the losses and promptly paying claims.”
RenaissanceRe’s initial $90 million net impact estimate includes estimates from net claims and claim expenses incurred, earned reinstatement premiums assumed and ceded, lost profit commissions and redeemable noncontrolling interest.
Wildfires stoked by high-winds are still spreading across the California county just north of Los Angeles, causing evacuations in the tens of thousands in what’s been one of the state’s worst fire seasons.
