RLI outlines financial impact of Hurricanes Beryl and Helene
RLI outlines financial impact of Hurricanes Beryl and Helene | Insurance Business America
Catastrophe & Flood
RLI outlines financial impact of Hurricanes Beryl and Helene
Losses to be accounted for in third-quarter results
Catastrophe & Flood
By
Terry Gangcuangco
Specialty insurer RLI has announced its expected range of pretax net catastrophe losses from Hurricanes Beryl and Helene, estimating the financial impact to be between $35 million and $40 million.
The losses, which will be accounted for in the company’s third quarter financial results, are calculated net of reinsurance recoveries but may still fluctuate due to the ongoing complexity of the claims and the preliminary nature of available information.
Craig Kliethermes (pictured), RLI president and chief executive, stated: “Our thoughts are with everyone impacted by these devastating storms.
“Following these events, our claim team has responded rapidly to assess the widespread damage and is helping affected policyholders recover as quickly as possible. We remain dedicated to providing superior support to our customers.”
RLI is set to release its third-quarter earnings report after market close on October 21.
Beryl was the earliest Category 5 hurricane recorded in the Atlantic, achieving peak intensity on July 2 with sustained winds of 165 mph. The extreme event solutions team at Verisk previously projected it to cause insured losses to onshore properties in the US of somewhere between $2 billion and $3 billion.
Meanwhile, Helene, the eighth named storm in the 2024 Atlantic hurricane season, made landfall as a Category 4 hurricane in the Big Bend region of Florida in September.
CoreLogic’s estimate of Helene losses ranges from $30.5 billion to $47.5 billion. This includes damage to residential and commercial properties across 16 states, accounting for wind damage as well as insured and uninsured losses from storm surge and inland flooding.
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