News

Arch Anticipate Q3 2022 Cat Losses Of Up To $560M

Arch Anticipate Q3 2022 Cat Losses Of Up To $560M

Arch Anticipate Q3 2022 Cat Losses Of Up To $560M

Arch Anticipate Q3 2022 Cat Losses Of Up To $560M

Across its property casualty (P&C) insurance and reinsurance businesses, Bermuda-based carrier Arch Capital Group Ltd. forecast pre-tax catastrophe losses of $530 million to $560 million in the third quarter of 2022, net of reinsurance and reinstatement payments.

ALSO, READ French Re/insurers Face Unprecedented Nat Cat Losses: Fitch

Hurricane Ian, as well as a variety of other global occurrences that happened this year, including U.S. convective storms, Typhoon Nanmadol, and the June hailstorm in France, are expected to have a negative influence on the re/Q3 insurer’s 2022 results.

While Arch Capital fails to break down the individual loss, it explains that its loss for Ian is commensurate with a range of estimated insured losses across the global P&C sector of $50 billion to $60 billion for the storm.

INVEST IN IRAs, SECURE YOUR FUTURE

At this time, Arch expects the majority, or 70% of these losses to be assumed by its reinsurance business, and 30% by its insurance division.

Arch Anticipate Q3 2022 Cat Losses Of Up To $560M

“For Hurricane Ian in particular, the timing of the event late in the third quarter increases the uncertainty in the Company’s estimates, as it is relying on a preliminary view of the claims that may be reported, with limited knowledge of the actual insured damage that may have been sustained during the event,” notes Arch.

ALSO, READ United (UPC) Reports $36.4m Hurricane Ian Loss For Q3

Arch Capital joins a growing number of insurers and reinsurers to have now released estimates for claims related to hurricane Ian.


AllInsuranceHUB is a blog for everyone who seeks an informative, educative, and knowledge-based online insurance and investment community. We share Biographies, Top-notch investment tips, finance news, insurance policy details and much more. You can read and share thoughts, ideas, and opinions on the finance market and get real-time updates from around the globe.

Leave a Reply

Back to top button
%d bloggers like this: