Everest Re Estimates Q1 2021 Catastrophe Losses of $260 Million

Bermuda-based Everest Re Group Ltd. estimates pre-tax catastrophe losses for the first quarter of $260 million.

Breaking down that total, Everest said the Texas winter storms will cost $250 million, while Australia’s New South Wales floods will cost $10 million.

The Q1 catastrophe losses are split between the company’s reinsurance segment ($213 million) and the insurance segment ($47 million).

All amounts are net of reinsurance recoveries and reinstatement premiums.

For the Texas winter storms Everest is estimating insured industry losses of approximately $15 billion.

Everest said it is not adding to its COVID-19 Pandemic loss provision. To date, the company’s total pandemic loss provision is $511 million, of which approximately 80% remains as incurred but not reported (IBNR).

Source: Everest Re Group

Photograph: Vehicles are piled up after a fatal crash on Interstate 35 near Fort Worth, Texas on Thursday, Feb. 11, 2021. The massive crash involving 75 to 100 vehicles on an icy Texas interstate killed some and injured others, police said, as a winter storm dropped freezing rain, sleet and snow on parts of the U.S. Photo credit: Lawrence Jenkins/The Dallas Morning News via AP.

Related:

• Arch Capital Estimates Q1 Catastrophe Losses Could Reach $190 Million
• AXIS Capital Estimates Q1 Pre-Tax Catastrophe Losses of $105M-$115M
• RenaissanceRe Expects Q1 Loss from U.S. Winter Storm Uri

Topics Catastrophe Profit Loss