Lancashire expecting losses from Hurricane Ida, storms of up to $185m
By Josh White
Date: Thursday 21 Oct 2021
(Sharecast News) - Lancashire announced on Thursday that it has exposures to a number of recent natural catastrophe events, including hurricane Ida and the European storms Bernd, Volker and Xero.
The FTSE 250 insurer estimated those events would lead to total net ultimate losses of between $165m (£119.59m) and $185m.
In addition, Lancashire had reported exposure to large loss events within its political violence portfolio related to the unrest in South Africa during July.
The aggregate estimated ultimate net losses for those events were expected to be around $40m.
Lancashire said its estimates were after expected recoveries from its outwards reinsurance programme, and the impact of outwards and inwards reinstatement premiums.
"Our thoughts are with those who have suffered as a result of the recent catastrophe and political violence events," said group chief executive officer Alex Maloney.
"For Lancashire, these loss estimates are within our expectations for these types of events and demonstrate the value of our products to our (re)insureds and other stakeholders."
Maloney said that looking ahead, the company was "strongly capitalised" to be able to take advantage of the improving market, both in the rest of this year and in order to achieve its "ambitious" underwriting plans for 2022.
"The rating environment continues to improve, premiums continue to grow, and we are well-positioned to achieve our strategic goals."
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