Everest Preliminary 2022 Catastrophe Losses
Everest Re Group, Ltd. announced preliminary third quarter 2022 catastrophe losses in advance of its full quarterly earnings to be released on October 26, 2022.
A spokesperson said, “Everest is estimating total pre-tax net catastrophe losses of $730 million for the third quarter 2022 as detailed in the table below. All amounts are net of estimated recoveries and reinstatement premiums
- “For Hurricane Ian, Everest’s loss estimate is based on insured industry losses of approximately $55 billion, driven in part by the significant social inflation in Florida
- “For all other global catastrophe events, Everest’s loss estimate is based on insured industry losses of approximately $15 billion”
“Our thoughts are with those impacted by the severe weather events across the globe. We are dedicated to supporting our customers in their time of need,” said Juan C. Andrade, President and CEO of Everest Re Group. “Hurricane Ian is likely to be the second largest hurricane driven industry loss in U.S. history. Everest’s focused execution of its diversification strategy combined with our underwriting discipline, 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%.”
