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The Hartford’s $200mn Ida bill to fall outside reinsurance cover: KBW

13th September 2021 - Author: Charlie Wood

KBW analysts, while attending a competitor conference featuring executives from The Hartford, have highlighted an initial loss figure from hurricane Ida of $200mn, an estimate which encompasses all of the insurer’s losses related to the storm.

hurricane-ida-2021Furthermore, KBW has relayed that The Hartford doesn’t anticipate reaching its minimum reinsurance layers, which attach at $350 million for named storms.

The US property and casualty insurer doesn’t expect Ida losses to impact its capital return plans and are reportedly still targeting $1.5 billion of share repurchases in 2021, with about $1.1 billion repurchased year-to-date.

KBW’s EPS estimates and target price are under review. The company also noted sublimits on its Middle Market flood exposure.

With economic losses anticipated to reach well into the tens of billions of dollars, Aon expects Hurricane Ida to become one of the costliest US mainland hurricanes yet, both on a nominal and inflation-adjusted basis.

RMS

Verisk’s AIR Worldwide just recently raised its estimated insured loss range to between $20 billion and $30 billion, after factoring the impacts of inland flooding into its initial assessment.

The catastrophe modeller has maintained its earlier estimate of $17 billion to $25 billion for insured wind and storm surge losses, but has factored in an additional $2.5 billion to $5 billion of private-market insured losses from inland flooding.

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