Arch Capital Group Ltd., the Bermuda-based re/insurer, reports that its 2022 third quarter results will be negatively affected by claims from global catastrophe events such as Hurricane Ian, U.S. convective storms, Typhoon Nanmadol (which hit Japan in September), and French hailstorms in June.
As a result, the company has estimated a range of pre-tax catastrophe losses of $530 million to $560 million in the 2022 third quarter across its property/casualty insurance and reinsurance segments, net of reinsurance recoveries and reinstatement premiums.
The company’s 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 for this event, resulting in an approximate market share of industry losses for the company that is comparable to prior natural events of a large magnitude.
Arch said the losses are currently expected to be split approximately 70%/30% between the company’s reinsurance and insurance businesses, respectively.
Source: Arch Capital Group Ltd.
Photograph: In this photo shot with a drone, shrimp boats lie grounded atop what was a mobile home park, following the passage of Hurricane Ian, on San Carlos Island in Fort Myers Beach, Fla., on Friday, Oct. 7, 2022. Photo credit: AP Photo/Rebecca Blackwell.
Topics Catastrophe Profit Loss
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