CNA estimates $40mn-$70mn net LA wildfire exposure
By Michael Loney
Feb 11 - (The Insurer) - CNA has estimated that it faces up to $70mn in net losses from the Los Angeles wildfires in Q1, which follows it taking $45mn in catastrophe losses in the fourth quarter of last year.
On an investor call on Monday, CNA CEO Doug Worman said “we currently estimate net exposure in the range of $40mn to $70mn” relating to the California wildfires.
“We will continue to evaluate our exposure as this is a developing situation,” he said.
Worman was speaking after CNA reported operating earnings per share of $1.25 for the fourth quarter, just ahead of the Wall Street consensus forecast of $1.23 a share.
The P&C reported combined ratio of 93.1 percent was up 1 percentage point from the prior-year period, with higher cat losses of $45mn or 1.8 points compared to $22mn or 1.0 points in Q4 2023.
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