Editor's note InsuranceERM will update this story as soon as more insurers disclose their projected losses from Ian.
Insurers have begun to disclose their estimated losses from hurricane Ian, which struck large parts of Florida and South Carolina at the end of September.
Ian made landfall in the US as a category 4 hurricane on 28 September in Florida, bringing winds of around 150mph. It later made a second landfall near South Carolina, as a category 1 hurricane.
RMS has forecast the highest insured loss estimate so far for Ian of $53bn-74bn.
RMS said its best estimate is $67bn, higher than insured loss figures from rival modellers Verisk ($42bn-57bn), Karen Clark and Company ($63bn) and CoreLogic ($31bn-51bn).
Chubb reported $975m in losses in Q3 from hurricane Ian. Overall, the US property & casualty insurer reported $1.2bn in total pre-tax catastrophe losses for the quarter.
Despite the catastrophe losses, its P&C combined ratio for Q3 was 93.1%, compared with 93.4% in Q3 2021.
RenaissanceRe has announced hurricane Ian had a net negative impact of $539m on its Q3 results, a sizable proportion of its $649m total weather-related large losses for the quarter.
The Bermudian re/insurer said hurricane Ian and other catastrophe events contributed to a $648m net negative impact on its Q3 results and added 57.2 percentage points to the combined ratio.
Axa has estimated €400m ($392m) in hurricane Ian-related claims so far this year, gross of tax and net of reinsurance.
The insurer said its claims estimate for Ian equates to a market share of around 0.7% and is based on an estimated industry insured loss for Ian of $60bn.
Florida-headquartered Universal Insurance Holdings has predicted its overall gross loss from hurricane Ian to be $1bn.
The insurer said it had $3bn reinsurance cover in place for any subsequent event in the 2022 Atlantic hurricane season.
The German reinsurer is anticipating €1.6bn ($1.6bn) of losses, after retrocession, from hurricane Ian, emphasising the estimate is subject to "substantial uncertainty".
The losses will impact Q3 profits, which are expected to reach approximately €0.5bn (Q3 2021: €0.4bn) and will make it "significantly more challenging" to meet the 2022 profit target, the company said.
Axis Re estimate its total losses from hurricane Ian will be $160m, against overall market insured losses of approximately $60bn.
The Bermudian re/insurer said Ian losses represent the largest source of its total pre-tax catastrophe and weather-related losses of $212m in Q3.
The Hanover Insurance Group estimated catastrophe losses of $28m from hurricane Ian, primarily from the US insurer's commercial book in Florida.
Its total Q3 cat losses are expected to reach $90m, some $22m above its assumption, mainly because of hurricane Ian.
RenaissanceRe has forecast a net negative impact of around $540m from hurricane Ian on its Q3 results.
The Bermudian re/insurer estimated that overall losses from catastrophe events in 2022 would contribute to a net negative impact of approximately $650m on the company’s third quarter results.
Travelers has posted pre-tax catastrophe losses of $512m in Q3, largely as a result of hurricane Ian, compared with losses of $501m posted in the same period last year.
The US insurer cited the impact of hurricane Fiona as another contributing factor to the losses, as well as severe storms in parts of the US.
Allstate has estimated $671m of pre-tax gross catastrophe losses due to hurricane Ian, which will be reduced to a net estimated loss of $366m as a result of expected reinsurance recoveries.
The US insurer said total catastrophe losses for Q3, net of reinsurance, are estimated to be $763m, pre-tax.
Everest Re has predicted total losses from hurricane Ian will be $600m, and overall market losses from the hurricane will be approximately $55bn, driven in part by significant social inflation in Florida.
The Bermudian re/insurer added that losses from Ian will be the main driver behind total pre-tax net catastrophe losses of $730m for the third quarter.
Juan C. Andrade, CEO of Everest Re, said the execution of its diversification strategy has "mitigated our total exposure to approximately 1% of our currently estimated Hurricane Ian industry loss, with our reinsurance division expected to be less than 1%."
Swiss Re is estimating claims from hurricane Ian will total $1.3bn, net of retrocession and before tax, and cause a $500m loss for the Swiss reinsurer in Q3.
Ahead of releasing its Q3 results on 28 October, Swiss Re said it was unlikely to meet its return on equity target of 10% but was confident of “maintaining its profitability targets”.
Swiss Re also predicted the preliminary total insured market loss for Ian will range from $50bn to $65bn, but all estimates may need to be adjusted.
Arch Capital is predicting pre-tax net catastrophe losses of between $530m and $560m in Q3, due to the effects of hurricane Ian and other catastrophes.
The Bermudian re/insurer said it expects the losses across its property and casualty insurance and reinsurance segments due to Ian, US convective storms, the Japanese typhoon Nanmadol and French hailstorms in June.
Arch Capital estimated market-wide insured losses from Ian would range from $50bn to $60bn. It added its own losses from the event would be split 70%/30% between its reinsurance and insurance business respectively.
Citizens Property Insurance, Florida's state insurer of last resort, is expecting to incur $2.3bn to $2.6bn in losses, from approximately 100,000 claims.
Progressive reported $1.4bn of property losses and allocated loss-adjustment expenses from hurricane Ian, prior to reinsurance, as of 30 September.
Over the month, the Ohio-based insurer incurred $760m of catastrophe losses from the hurricane, primarily for incurred but not reported claims. Incurred vehicle losses reached $585m, including boats and recreational vehicles.
United Insurance Holdings
The Florida property and casualty insurer has estimated its gross loss from hurricane Ian at $1bn.
Q3 catastrophe losses are anticipated to be $36.4m, before taxes and net of reinsurance recoveries. This includes a net retention of $16.4m split approximately $7.4m to United Property & Casualty Insurance Company and $9.0m to American Coastal Insurance Company, plus a $20m retention by its captive reinsurer UPC Re.
The firm also expects to incur about $16m of reinsurance reinstatement premiums.
Great-West Lifeco said it will record a provision of $100m in its Q3 results for claims on its retrocession policies expected to result from hurricane Ian.
The Canadian firm offers property catastrophe coverage to reinsurers and is exposed to claims arising from major weather and other catastrophic events.
The company said the provision is based on currently available information and may change on new data.
Specialty insurer RLI has estimated pre-tax losses from Ian at between $38m and $42m, net of reinsurance, which will be reflected in Q3. The Illinois-based firm warned the estimate is subject to change due to the complexity of claims and preliminary nature of the information currently available.