Notice - Catastrophe Event September 2022 (2022-10-06)

Summary

This BMA notice requires certain insurers to report their exposure to Hurricane Ian in their quarterly financial returns for the period ending 30 September 2022. It clarifies how and where this exposure should be disclosed, and confirms that Hurricane Ian is the only catastrophe event to be reported for that period.

• Who must report: Insurance groups, Class 4, Class 3B and Class 3A insurers that are required to file quarterly financial returns.
• What to include: Preliminary best estimates of exposure to Hurricane Ian, even though loss estimates are still developing.
• Where to report it: In the Catastrophe Exposure section of the quarterly return, under Underwriting Loss Event #1.
• Scope confirmation: The BMA confirms Hurricane Ian is the only catastrophe event insurers need to include for the 30 September 2022 quarterly filing period.

Key obligations

• Insurance groups, Class 4, Class 3B and Class 3A insurers required to file quarterly financial returns must include their Hurricane Ian exposure in the 30 September 2022 quarterly filing.
• Insurers must report preliminary best estimates of Hurricane Ian losses even if loss estimates are not yet finalized.
• Exposure must be recorded in the Catastrophe Exposure section of the quarterly return under Underwriting Loss Event #1.

Applies to

insurance groups, Class 4 insurers, Class 3B insurers, Class 3A insurers, commercial insurers

Deadlines

• 30 September 2022: Quarterly return filing period for which Hurricane Ian exposure must be reported.