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EMC Insurance Group expects record cat losses from Q3 events

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EMC Insurance Group expects record cat losses from Q3 events

EMC Insurance Group Inc. expects third-quarter losses related to catastrophe and storms to be approximately $29.4 million, or 90 cents per share after tax, net of intercompany reinsurance recoveries.

The insurer in a press release described the losses it expects to incur for the period as a record.

For the property and casualty segment, losses are expected to total about $9.9 million, or 30 cents after tax. This includes less than $1 million of combined losses from hurricanes Harvey and Irma. The reinsurance segment expects to record losses of about $19.5 million, or 60 cents per share after tax. Gross losses in the reinsurance segment from hurricanes Harvey, Irma and Maria will be approximately $9.0 million, $7.5 million and $3.0 million, respectively. Losses from the two earthquakes in Mexico are anticipated to be approximately $1.5 million.

None of the catastrophes occurring during the third quarter are expected to lead to recoveries under the per-occurrence catastrophe excess of loss treaty as losses from these events are currently below the $10 million retention amount.