Newspaper article The Canadian Press

Fairfax Suffers Fewer Losses from Mother Nature despite Higher Wildfire Claims

Newspaper article The Canadian Press

Fairfax Suffers Fewer Losses from Mother Nature despite Higher Wildfire Claims

Article excerpt

Fairfax catastrophic losses down in 2018

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TORONTO - Fairfax Financial Holdings Ltd. says it sustained US$232.7 million in insurance losses resulting from Californian wildfires that struck the state last year.

That compared with US$185.4 million of losses in 2017 from wildfires in the state.

Overall catastrophe losses decreased 43 per cent to US$752.3 million in 2018 from US$1.3 billion in 2017.

In addition to wildfires, the Toronto-based company recorded losses from hurricanes Michael and Florence, typhoon Jebi and other events. That compared with heavy losses a year ago from hurricanes Irma, Maria, Harvey, Mexican earthquakes and other events.

Despite the catastrophe activity in 2018, Fairfax insurance companies had an excellent underwriting performance, said chairman and CEO Prem Watsa. …

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