The Hartford expects up to $365m cat hit in Q4
US-based property/casualty insurer The Hartford expects an impact of $350 million to $365 million pre-tax, primarily from the Camp Fire in northern California, in the fourth quarter of 2018.
After tax, the insurer's fourth quarter current accident year net catastrophe impact is estimated at approximately $275 million to $290 million.
The estimates include the losses from Camp and Woolsey fires in California and Hurricane Michael. The wildfires destroyed over 20,000 residential and commercial structures, and additionally damaged almost 1,000 structures.
According to the catastrophe risk modelling firm AIR Worldwide, industry insured losses from the Woolsey fire in Southern California will be at least $2.5 billion. Meanwhile, Moody's has estimated that the total insured losses from both California wildfires may reach between $10-$15 billion.
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