United (UPC) reports $40m of Q2 catastrophe losses, after reinsurance

United (UPC) reports $40m of Q2 catastrophe losses, after reinsurance

United Insurance Holdings (UPC Insurance), the Florida headquartered insurance company, has exposed a bigger than possibly expected second-quarter 2021 disaster loss burden, reflecting the expenses of storms throughout the period.United (UPC Insurance) said that its Q2 2021 disaster losses are provisionally approximated at $40 million before tax ($31 million after tax).
The insurance provider said that this is “net of expected reinsurance recoveries” suggesting that the company has, at the least, recuperated a few of the costs by means of its quota share reinsurance, however potentially via other reinsurance plans as well.
The second-quarter of the year is generally a fairly light one, in regards to disaster loss effects.
But in 2021, the areas where United (UPC Insurance) is most exposed have come in for some extreme storm activity, along with effects from 2 early tropical storms.
The 2 tropical storms will have been Claudette and Danny, as the only two so far this season to affect the United States.
In addition, United (UPC Insurance) said that fourteen brand-new PCS designated disaster events were counted during the second-quarter and included to the catastrophe loss concern for the insurance provider.
Among these will have been a few of the extreme thunderstorm and convective storm activity that struck the United States throughout Q2.
In general, while the impacts of these occasions are not particularly substantial, the Q2 disaster burden for United (UPC Insurance) might have been a bit higher than anticipated.
As an outcome, there might be some read-across from the providers disclosure of Q2 disaster losses to other insurance coverage and reinsurance firms as they report their quarterly outcomes later on this month and into early August.

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