RenaissanceRe and Arch Capital estimate impact of third quarter natural disasters

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THE BHARAT EXPRESS NEWS INSURANCE NEWS
THE BHARAT EXPRESS NEWS INSURANCE NEWS

The estimated losses of RenaissanceRe Holdings Ltd. resulting from certain catastrophic events will have a net negative impact of approximately $ 725 million on the Company’s results in the third quarter of 2021.

This estimate is mainly composed of approximately $ 440 million net negative impacts from Hurricane Ida in August 2021 and approximately $ 210 million from severe flooding in northwestern Europe in July 2021. In In addition, losses from other disasters, as well as overall losses associated with these and other events contributed to the estimated net negative impact.

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In a separate announcement, Arch Capital Group Ltd. announced that its third quarter 2021 results would be negatively affected by Hurricane Ida and the July floods in central Europe, as well as other minor global events.

As a result, the reinsurer established a range of pre-tax catastrophic losses of $ 330 million to $ 345 million in the third quarter of 2021 in its P&C businesses, net of reinsurance recoveries and reinstatement premiums.

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Arch said his estimates are commensurate with insured losses estimated in the global P&C insurance industry at over $ 45 billion this quarter, including industry estimates of around $ 30 billion for the hurricane. Ida, $ 12 billion for European floods and over $ 5 billion for other global events. About two-thirds of Arch’s losses are related to its reinsurance segment.

The two Bermuda-based companies stress that there are significant uncertainties as to the final number of claims and the extent of damages resulting from these events.

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Source: RenaissanceRe and Arch Capital

Photograph: Nathan Fabre checks his house and his boat destroyed by Hurricane Ida on Sunday, September 5, 2021, in Lafitte, Louisiana. “We have lost everything,” Fabre said of the destruction of his house. Photo credit: TBEN Photo / John Locher.

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