Dorian and Faxai combine to push Everest Re to $280 million loss
Hurricane Dorian and Typhoon Faxai combined to push Everest Re Group to an estimated pre-tax catastrophe loss of $280 million.
This amount is net of reinsurance recoveries and reinstatement premiums. Net of tax, the Everest loss estimate is $225 million.
The catastrophe losses are the result of Hurricane Dorian, and Typhoon Faxai, which caused estimated pre-tax catastrophe losses of $160 million and $120 million, respectively. Dorian struck in the Bahamas and the United States; Faxai affected Japan.
Losses from Typhoon Hagibis are not included in the estimate.
Everest estimated its losses based on a review of its exposures, catastrophe models, best available information from customers and intermediaries, and industry insured loss estimates of approximately $8.5 billion for Dorian and $9 billion for Faxai.
But Everest warned these estimates could ultimately prove to be very different from the final numbers.
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