Re/insurer Lancashire Holdings said on October 8th while reporting its nine-month results that it had exposure to loss events within its marine portfolio that aggregated out (net) at about $30m. The company added that it had suffered an accumulation of attritional losses as a result of exposures to a number of recent natural catastrophe events, including hurricane Florence, and typhoons Jebi, Mangkhut and Trami. The aggregate estimated net ultimate losses for these events, after reinsurance recoveries and reinstatement premiums, was expected to be in a range of $25m to $45m.
The loss estimates include Lancashire’s aggregate exposures through its Bermuda, UK and Lloyd’s operations. Lancashire said that it now expected to incur a loss for Q3, but that it expected to remain profitable for the first nine months of 2018.
Insured losses from Hurricane Florence have been estimated at between $2.8bn and $5bn. Insured losses from Typhoon Jebi (much of it to Japanese companies) have been estimated at between $3bn and $5.5bn. Insured losses for typhoon Mangkhut have been put at between $1bn and $2bn.