RLI estimates net losses of up to $40m from hurricanes Beryl and Helene

RLI Corp., the specialty insurer, has estimated pre-tax net catastrophe losses, net of reinsurance recoverables, from hurricanes Beryl and Helene of between $35 million and $40 million, which will be reflected in the carrier’s third quarter 2024 results.

This estimate from RLI is subject to change owing to the complexity of the claims and also the preliminary nature of the information currently available.

Currently, industry loss estimates for hurricane Beryl, which made three separate landfalls between July 1st and 8th, range from $2 billion to $4.5 billion.

Insured losses from hurricane Helene, which made landfall in Florida in late September as a Cat 4 storm, are expected to be higher as numerous regions were hit by strong winds and devastating storm surge and flooding.

Yesterday, CoreLogic revised its estimate of total insured losses from Hurricane Helene to $10.5 – $17.5 billion following the inclusion of losses covered by the National Flood Insurance Program (NFIP).

More recently, Moody’s RMS pegged losses from the event at between $8 billion and $14 billion, and warned that NFIP losses could surpass $2 billion.

Craig Kliethermes, President & Chief Executive Officer, RLI Corp., commented, “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.”

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