Q3 CAT LOSSES ESTIMATED AT $46BN TO $63BN UBS

Third-quarter insured catastrophe losses are expected to have reached between $46bn and $63bn, according to UBS analysts. Hurricane Ida was by far the biggest single loss, estimated at between $31bn and $44bn, while July’s European floods are thought likely to cost between $8bn and $10bn. If UBS estimates are correct, this would make it the largest third-quarter loss since 2017, when the industry experienced hurricanes Harvey, Irma and Maria. The mid-point is $52bn and includes $42bn for losses in the US and $10bn for losses elsewhere. Across its coverage of US carriers, UBS said it expects Everest Re and RenaissanceRe to be among the hardest hit.