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Arch Capital Group Ltd. on Wednesday said its 2022 third-quarter results will take a hit of $530 million to $560 million across its property/casualty insurance and reinsurance segments due to the effects of Hurricane Ian and other catastrophic events.
These include U.S. convective storms, Typhoon Nanmadol and the June French hailstorms, an Arch statement said Wednesday.
The estimated range of pre-tax catastrophe losses between $530 million to $560 million in the 2022 third quarter is net of reinsurance recoveries and reinstatement premiums, the statement said.
The losses are expected to be split approximately 70/30 between Arch’s reinsurance and insurance businesses, respectively.
Arch said its estimate for Hurricane Ian is commensurate with a range of estimated insured losses across the global property/casualty insurance industry of $50 billion to $60 billion. Insured damage estimates have continued to climb as recovery teams work further into the damage and have ranged up to $74 billion.
Arch added that estimates include losses only related to claims incurred as of Sept. 30, 2022, and actual losses from these events may vary materially from the estimates.
Separately on Wednesday, Gallagher Re, the reinsurance unit of Arthur J. Gallagher & Co., issued a report on the effects of Hurricane Ian.
The Gallagher report said that Ian tied for the fifth-strongest U.S. mainland hurricane landfall on record with 150 mph winds.
Wind damage in Southwest Florida was extensive, although newer construction, including metal and tile roofs, despite a higher purchase cost than asphalt shingles, showed more limited impacts.
Expansive storm surge over 15 feet caused considerable impacts on the coast and tracked 0.4 miles inland, leaving heavy losses to coastal commercial exposures, automobiles, boats and other marine interests.
Inland flooding also left considerable damage from DeSoto to Lake Counties in Florida, Gallagher Re said.