The Hanover nat cat losses at $50m in Q4
The Hanover Insurance Group expects catastrophe losses of $50 million pre-tax for the fourth quarter of 2018.
The insurer said catastrophe losses in the quarter stemming primarily from the Camp and Woolsey wildfires in California, as well as hurricane Michael, would impact its fourth quarter operating results by 4.6 percent of net premiums earned, compared to its fourth quarter catastrophe assumption of 3.6 percent.
Additionally, the company's fourth quarter results will be impacted by higher than expected current accident year losses, driven by elevated property activity, partly due to large losses and non-catastrophe weather, as well as increases in auto bodily injury loss severity.
Overall, the company expects its fourth quarter combined ratio to be in the range of 97.4 to 97.8 percent. This would bring its full year combined ratio to approximately 96.2 percent.
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