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Everest Re Estimates Q1 2021 Catastrophe Losses of $260 Million April 20, 2021
Bermuda-based Everest Re Group Ltd. estimates pre-tax catastrophe losses for the first quarter of $260 million.
Breaking down that total, Everest said the Texas winter storms will cost $250 million, while Australia’s New South Wales floods will cost $10 million.
The Q1 catastrophe losses are split between the company’s reinsurance segment ($213 million) and the insurance segment ($47 million).
All amounts are net of reinsurance recoveries and reinstatement premiums.
For the Texas winter storms Everest is estimating insured industry losses of approximately $15 billion.
Everest said it is not adding to its COVID-19 Pandemic loss provision. To date, the company’s total pandemic loss provision is $511 million, of which approximately 80% remains as incurred but not reported (IBNR).