Everest Re estimates cost of Q3 catastrophe losses to be $280m

Everest Re Group has estimated its preliminary pre-tax catastrophe loss for Q3 2019 to be $280 million.

This amount is net of reinsurance recoveries and reinstatement premiums. Net of tax, the Everest loss estimate is $225 million.

The catastrophe losses are the result of Hurricane Dorian and Typhoon Faxai, which caused estimated pre-tax catastrophe losses of $160 million and $120 million, respectively.

Losses from Typhoon Hagibis are not included in the estimate.

Everest estimated its losses based on a review of its exposures, catastrophe models, best available information from customers and intermediaries, and industry insured loss estimates of approximately $8.5 billion for Dorian and $9 billion for Faxai.

But it warned these estimates could ultimately prove to be very different from the final numbers.