Lloyd's of London insurer Beazley has said the recent string of extreme natural disasters will cost it $25m (£19m) more than previously forecast once the California wildfires are taken into account.
The insurer said the cost of the catastrophes would now be in the range of between $200m and $300m, taking into account hurricanes Harvey, Irma and Maria, the earthquakes in Mexico and the wildfires in California.
It added that its combined ratio, a figure which reflects underwriting profitability, would likely be 100pc for the year. Figures below 100 reflect a profit.
"The third quarter of 2017 was defined by the high frequency and severity of natural catastrophes," chief executive Andrew Horton said, days after telling The Telegraph rates were likely to rise following the storms. "These events will naturally affect our full year results."
His comments come days after rival Lloyd's insurer Hiscox said it had started bumping up insurance premiums - by as much as 50pc in certain lines - because of the losses incurred by the hurricanes, with the price of insuring property in the areas worst hit by the hurricanes to be most impacted.
Beazley's update for the first nine months of the year, which also showed a strong performance in its specialty lines but a knock in its political and accident division, came on the same day that German reinsurer Munich Re posted a €1.4bn loss for the third quarter.
The group said it expects to see claims totalling around €2.7bn for the period, the largest losses from hurricanes Harvey, Irma and Maria, with the industry as a whole to face a $100bn bill.
Echoing others in the sector, it said the string of catastrophes - which have made this one of the worst years on record for natural disasters - will likely push up prices in certain areas next year.