Analysts at Jefferies have reported that insured natural catastrophe losses are running 48% higher than the long-term average, as of the end of November, and 34% above the 10-year average.
It now appears certain that insured catastrophe losses will be far higher than the annual totals for the past three years, Jefferies says, despite November being the lowest month for insured losses so far this year.
And this is without factoring in the recent series of Midwest tornadoes, which KCC estimates will add $3 billion to re/insurers’ catastrophe bills, but which many in the industry believe will be far higher.
In November, Jefferies notes that losses were minimal and spread across a broad range of perils and regions, with the Canadian floods thought to be the highest industry loss at around $400 million.