Aon has revised its reinsurance industry loss estimates for Hurricane Michael and Hurricane Florence, predicting significantly greater losses than initially projected. The broker has now put Hurricane Michael losses at $11bn, up from its original $8bn estimate, and those from Hurricane Florence at $5.5bn. In a note to clients released late Friday, the firm said it had been “unable to determine whether these changes are due to new information or revisions in our estimates”.
Aon has revised its reinsurance industry loss estimates for Hurricane Michael and Hurricane Florence, predicting significantly greater losses than initially projected. The broker has now put Hurricane Michael losses at $11bn, up from its original $8bn estimate, and those from Hurricane Florence at $5.5bn. Aon’s are the highest industry loss estimates for the hurricanes to date and exceed Munich Re’s projections of $10bn for Michael and $5bn for Florence.