Everest Re estimates 2018 Q4 cat losses to reach $695M
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Everest Re Group Ltd. said Thursday that it expects fourth-quarter 2018 catastrophe losses to total $695 million, net of reinsurance, reinstatement premiums and taxes.
Everest said the impact is primarily to its reinsurance operations, “and as such is dependent upon the loss reporting from ceding insurers across many underlying insurance policies.”
Losses stemmed from Hurricane Michael in Florida and other states in the Southeastern U.S., the Camp and Woolsey wildfires in California, and the December hailstorm in Australia, the reinsurer said in its Thursday statement.
The company estimates industry losses from these events could approach $30 billion, the statement added.
“These losses reflect another year in which there has been an extraordinary level of industry catastrophes and are reflective of our market share,” Dom Addesso, Everest Re president and CEO, said in the statement.
Everest Re’s announcement is the latest catastrophe loss estimate made this month, including one from Chubb Ltd.
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