Markel sees Q3 pre-tax underwriting losses of $503M from hurricanes, earthquake
Markel Corporation announced that it expects to report third quarter pre-tax underwriting losses of $503M, net of reinstatement premiums, from Hurricanes Harvey, Irma and Maria as well as the Mexico City earthquakes. The company's estimate for the hurricane and earthquake losses is based on claims received to date and detailed policy level reviews, industry loss estimates, output from both industry and proprietary models as well as a review of in-force contracts. The company's estimate is preliminary and dependent on broad assumptions about coverage, liability and reinsurance. Accordingly, the company's actual net losses from these events may differ materially from this estimate.