The Hartford expects $214m of Q1 cat losses, $176m from winter storms

The Hartford expects $214m of Q1 cat losses, $176m from winter storms

U.S. insurance company The Hartford is the most recent to pre-announced the impacts of natural disasters and serious weather in the first-quarter of 2021, stating it expects to report $214 million of existing accident year feline losses, web of reinsurance.The insurance provider discussed that this is an estimate therefore subject to change, but the pre-tax figure reflects a fairly substantial direct exposure to occasions in Q1, particularly to the freezing weather in Texas and surrounds.
The winter storms and freezing weather condition that impacted the United States in February is the major contributor to disaster losses for the first-quarter, for The Hartford.
The insurer stated that it expects that, after reinsurance and prior to tax, the February winter season storms in Texas and other areas are expected to contribute $176 million of losses to its first-quarter results.
Thats 82% of the insurance companies total disaster losses coming from the winter season weather condition, reflecting its strong market share throughout regions affected.
The business doesnt information what other catastrophe events drove the additional losses, to take its overall Q1 catastrophe struck to $214 million.
The Hartford also exposed that it will recognise $225 million, prior to tax, of damaging previous year reserve advancement in Q1, which is mostly related to a settlement reached with the Boy Scouts of America (BSA) organisation associated to sexual assault claims associated with insurance coverage mainly issued in the 1970s.
As a reminder, The Hartford has actually been the current topic of a takeover technique from competing Chubb, although rejected the offer stating it did not consider an acquisition as in the finest interests of the company and its investors.

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