The Q4 cat loss estimate includes the impact of Hurricane Michael, California wildfires and the December hailstorm event in Australia.
The Bermuda-based (re)insurer said its loss picks, which are net of reinsurance, reinstatement premiums and taxes, tallied to industry losses from the events that it predicted could approach $30bn.
The lion’s share of Everest Re’s losses have arisen in its reinsurance operations, the company disclosed.
Commenting on the losses, the company’s president and CEO Dom Addesso said: “These losses reflect another year in which there has been an extraordinary level of industry catastrophes and are reflective of our market share.”
Everest Re’s is the latest in a string of preannouncements from (re)insurers as the Q4 earnings season gets into full swing.
Last Friday Chubb said it expects to suffer catastrophe losses of $585mn before tax in its Q4 results driven by the Californian wildfires and Hurricane Michael, which accounted for $475mn of the total.
Last month The Hartford made an early preannouncement when it forecast a loss bill of up to $365mn for the fourth quarter, again driven by the Camp and Woolsey California fires and Hurricane Michael.
Also in December, AIG said at that stage it expected to incur a cat bill in the region of $750mn to $800mn on a pre-tax basis in its fourth quarter results.
Other preannouncements this month included Argo, The Hanover and Kemper.