Universal Insurance Holdings has announced that its estimated losses from incurred weather events are above plan in the second-quarter of 2020.
Net of reinsurance recoveries, Universal incurred weather events above plan of roughly $17 million in the second-quarter of the year.
The company explains that weather events in the quarter included impacts from 14 Q2 Property Claims Services (PCS) events, across numerous states where it operates.
In the first-quarter of the year, Universal reported a 15.7% year-on-year increase in direct premiums written, while total revenue decreased 0.6% for the period, primarily as a result of higher reinsurance costs and unrealised losses on investments.
The company reported in its Q1 2020 financials that although its investment portfolio suffered from COVID-19 related volatility, this was somewhat offset by a lesser hit from weather events. However, this has clearly reversed in Q2, with the insurer warning that its estimated incurred losses is above plan by around $17 million for the period.