Universal takes almost $100m Q4 hit from catastrophes & loss creep

Universal takes almost $100m Q4 hit from catastrophes & loss creep

Universal Insurance Holdings, the Florida headquartered, nationally extensive primary insurance provider, revealed last night that it has actually taken a nearly $100 million hit from catastrophe losses and loss sneak from prior year events throughout the fourth-quarter of 2020. Universal stated that “unprecedented” storm activity drove a total net impact of approximately $76 million, pre-tax (around $57.7 million, after-tax) for in Q4 2020, for losses from weather events in excess of plan brought on by called hurricanes and other PCS cat events.
On top of this, the insurance coverage provider stated that it was also struck by loss creep during the period.
Prior year catastrophe loss advancement of approximately $23.4 million pre-tax (roughly $17.8 million, after tax) was reported, taking the overall Q4 2020 hit to nearly $100 million for the insurance provider.
Stephen J. Donaghy, Chief Executive Officer, commented, “We ended the year with an extraordinary number of called storms and PCS occasions. We continue to perform on our tactical concerns, consisting of tailwinds from rate boosts we have actually recently gotten approvals on and our continued concentrate on underwriting, which need to position us well in the future.”

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