Everest expects $695m nat cat loss from Q4 2018
Bermuda-based Everest Re Group is expecting to incur fourth quarter 2018 catastrophe losses of $695 million, net of reinsurance, reinstatement premiums and taxes.
The losses were related to the fourth quarter 2018 events of Hurricane Michael which impacted Florida and other states in the Southeastern US, the Camp and Woolsey wildfires in California, and the December hailstorm event in Australia.
Everest said the impact is primarily arising from its reinsurance operations, and as such is dependent upon the loss reporting from ceding insurers across many underlying insurance policies.
In total, Everest sees industry losses from these events potentially approaching $30 billion.
“These losses reflect another year in which there has been an extraordinary level of industry catastrophes and are reflective of our market share," said Dom Addesso, president and chief executive officer. "With $8 billion in shareholders equity and over 40 years of experience, Everest is well prepared to respond to the needs of our clients and the affected communities as they manage the impact of these recent events.”
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