The Hartford estimates Q3 nat cat hit
Property/casualty insurer The Hartford said on Oct. 2 that it expects to report cat losses of between $325 million and $375 million, before tax, for the third quarter of 2017.
After tax, the impact is expected at approximately $210 million to $245 million.
This estimate includes losses from Hurricane Harvey of $175 million, before tax, and from Hurricane Irma of $125 million to $175 million, before tax, each having a larger impact on commercial lines than on personal lines. Aside from these two named storms, the company’s losses from third quarter 2017 catastrophes, including Hurricane Maria, are relatively low.
All of the estimates are net of property per risk and other facultative reinsurance. The two hurricanes, Harvey and Irma, are not expected to result in any recoveries from the company’s property catastrophe occurrence treaty, which has a $350 million, before tax, attachment point per catastrophe event. As a result, the company has not incurred a reinstatement premium on its catastrophe programme.
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