Losses
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The loss aggregator pegged the event at EUR3.3bn in its first estimate in March. -
The figure includes around $17mn of unfavorable reserve re-estimates for prior period events.
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Group chief accounting officer Erick Fernandez will step in as an interim.
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Severe convective storms in the US caused hundreds of millions of losses, while a small number of expensive homes in California were hit by a wildfire
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Thunderstorms in the US and an earthquake in Japan caused minimal losses to ILS.
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Insurers have paid out $580mn to policyholders already.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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Despite a move away from non-official indices, global ILW trading is still sometimes relying on a patchwork of triggers.
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Brokers - Section
The company announced net retained catastrophe losses of $462mn.
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European storms have inflicted heavy claims on insurers in recent years.
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The nat cat loss aggregator said the Q1 event was the “largest flood loss on record” for the Australian insurance industry.
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The figure made 2022 the sixth consecutive year in which Q1 losses topped $10bn.
