Losses

The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.

The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.

The year 2005, which featured the devastating Hurricane Katrina, remains the most expensive storm season.

2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.

Flooding in February and March this year was the most expensive event in Australian history.

The pay-out figure has nearly doubled over the last two weeks.

The market share for the storm of 3%-5% is below syndicates’ historical average for US wind events.

Most claims so far have been for damage to residential property.

The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.

The modeller also said that losses to the National Flood Insurance Program will likely remain under $300mn.

The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.

The central-west region of the state was struck by severe flooding over the weekend.