The Hanover sees Q3 catastrophe losses about $195.8M

The Hanover Insurance Group announced a preliminary estimate for third quarter 2023 catastrophe losses of $195.8M, before taxes, or 13.7 points of net earned premium. The losses resulted from multiple convective storms across the Midwestern United States. Hail and wind damage represented the majority of reported losses, which primarily impacted the company’s Personal Lines business. “Severe weather represented a formidable challenge in the third quarter for us and the industry, generating significant catastrophe losses and adversely impacting bottom line results,” said John Roche, president and CEO at The Hanover. “We have taken decisive action across our Personal and Core Commercial businesses, which will enable us to more effectively manage catastrophe risks while continuing to deliver comprehensive and innovative insurance solutions for our agent partners and customers. Among other actions, we are implementing multiple initiatives to increase catastrophe resiliency in our homeowners business, including strengthening terms and conditions, increasing all-peril deductibles, introducing wind and hail deductibles in additional states, applying aged roof amortization schedules in certain geographies, and reinforcing our emphasis on risk prevention measures.”