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United (UPC Insurance) forecasts $1.5bn gross loss from hurricane Ian

February 13, 2023

United Insurance Holdings (UPC Insurance) has revealed that its total gross losses from Hurricane Ian has increased from its preliminary estimate of $1 billion from Q322, to approximately $1.54 billion as of the end of the full-year.

The firm’s Hurricane Ian gross loss estimate relates to its personal lines business underwritten by United Property & Casualty Insurance Company, (UPC) which increased from $660 million to $864 million, resulting in a net increase in loss expense to UPC of $145 million, net of reinsurance.

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