Everest Re Group Estimates Q3 Catastrophe Losses of $280 Million

October 16, 2019

Everest Re Group Ltd. announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2019 in the amount of $280 million.

This amount is net of reinsurance recoveries and reinstatement premiums, said Everest Re, noting that net of tax, the Everest loss estimate is $225 million.

The catastrophe losses are related to the third quarter 2019 events of Hurricane Dorian which impacted the Bahamas and several states in the Southeastern U.S., and Typhoon Faxai which impacted Japan.

By event, the pre-tax estimated catastrophe losses to Everest are $160 million from Hurricane Dorian, and $120 million from Typhoon Faxai.

These estimates specifically exclude any losses from Typhoon Hagibis which made landfall in Japan on Oct. 12, said the company.

The Everest estimated losses are based on a review of the company’s exposures, catastrophe models, best available information from customers and intermediaries, and industry insured loss estimates of approximately $8.5 billion for Dorian and $9 billion for Faxai. Given the recent date of the loss events, there is meaningful uncertainty as to the ultimate loss amounts.

Source: Everest Re

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