The Hanover Insurance Group on Oct. 20 released an estimate of third-quarter overall catastrophe and Hurricane Ian-related losses.
Q3 catastrophe losses are expected to be about $90 million, pre tax. Estimated losses from Ian will be about $28 million, mostly from the insurer’s commercial book of business in Florida. The overall total is $22 million more than its Q3 assumption for catastrophe losses.
“The strategic actions we have taken in the past reduced our exposure in coastal areas and helped mitigate the loss impact on our company from this storm,” said John C. Roche, president and CEO, in a statement.
Roche added that the company’s expectations regarding inflation and supply-chain effects were also surpassed in Q3, and that Hanover is “accelerating property price increases to improve margins in this unprecedented industry environment.”
The Worcester, Mass.-based insurer said elevated non-cat loss activity in personal and commercial property lines also impacted Q3 results. The combined ration, excluding catastrophes, is expected to be 94.2 for Q3.
“We are supplementing price increases with a robust plan of action, parts of which are already in place,” he said.
The Hanover’s Q3 earnings call is on Nov. 2.
Related: Allstate Expects Q3 Net Loss Up to $725M; Ian Caused $366M Net Loss | Progressive Loses A Bundle: Nearly $2.0B Gross Ian Losses; $760M Net
Topics Profit Loss
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