Everest Re Group, Ltd. expects to incur in the fourth quarter 2018 catastrophe losses of $695 million, net of reinsurance, reinstatement premiums and taxes.
The catastrophe losses were related to the fourth quarter 2018 events of Hurricane Michael which affected Florida and other states in the southeastern United States, the Camp and Woolsey wildfires in California, and the December hailstorm event in Australia. In total, Everest sees industry losses from these events potentially approaching $30 billion.
The impact to Everest is primarily arising from its reinsurance operations, and as such is dependent upon the loss reporting from ceding insurers across many underlying insurance policies.
Commenting on the losses, Dominic Addesso, the company’s president and chief executive officer, said: “These losses reflect another year in which there has been an extraordinary level of industry catastrophes and are reflective of our market share. With $8 billion in shareholders equity and over 40 years of experience, Everest is well prepared to respond to the needs of our clients and the affected communities as they manage the impact of these recent events.”
Source: Everest Re Group, Ltd.
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