Notice - Commercial Insurer and Insurance Groups – Q3 Subsequent Event Reporting - Exposure to Hurricane Milton (2024-10-15)

Summary

This BMA notice tells commercial insurers and insurance groups subject to quarterly reporting that any exposure to Hurricane Milton, which made landfall in Florida on 10 October 2024, should be reported as part of the upcoming Q3 Quarterly Financial Return filing.

• Where to report: Exposure to Hurricane Milton should be disclosed in the Quarterly Financial Return template under Underwriting Loss Event #2, with Hurricane Helene reported as Underwriting Loss Event #1.
• Basis for reporting: Because Milton occurred after 30 September 2024, insurers and groups should report preliminary best estimates based on the analysis and information available to them at the time of filing.
• Contact: Questions on this or other regulatory matters should be directed to riskanalytics@bma.bm.

Key obligations

• Commercial insurers and insurance groups subject to quarterly reporting must report their exposure to Hurricane Milton as part of the upcoming Q3 Quarterly Financial Return filing.
• Exposure to Hurricane Milton must be entered under Underwriting Loss Event #2 in the Quarterly Financial Return template (with Hurricane Helene as Event #1).
• Where final figures are unavailable, insurers and groups should report preliminary best estimates based on information available at the time of filing.

Applies to

commercial insurers, insurance groups

Deadlines

• upcoming Q3 filing: Hurricane Milton exposure must be reported as part of the upcoming Q3 Quarterly Financial Return filing