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.