Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, said that it experienced an unusually high number of catastrophe events in the second-quarter of 2020, driving an expectation of roughly $26.8 million of pre-tax losses from severe weather.
Like many other property insurers operating in catastrophe and severe weather exposed regions of the United States, Heritage has suffered a higher than normal level of losses during the second-quarter of 2020.
Analysts warned previously that severe weather losses may have run above plan for many U.S. carriers in Q2 2020 and this appears to be evident in the pre-announcements we’re now seeing.
Heritage said that during the quarter there have been an unusually high number of severe weather events that have been designated as catastrophes by Property Claim Services (PCS) that impacted the carriers book.
The 13 PCS designated catastrophe events were largely in the Florida and Southeast region of the U.S., Heritage explained.
In total, the insurer expects to report $26.8 million of net current accident quarter weather losses for the second quarter of 2020, around $17.6 million of which are classified as catastrophe losses.
Fellow Floridian headquartered insurance group Universal also reported above plan weather and catastrophe losses for the quarter last week.