Slow-burn Natcats

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There is a little known insurer (in South Africa anyway) called RLI Corporation which got properly burned in the aftermath of Hawaii’s Kilauea volcano eruption.

To be honest they, along with many other insurers in the region, it may continue to burn for some time. Speaking on the release of its Q2 results, RLI’s president and COO Craig Kliethermes brought shareholders attention to their Q2 underwriting income loss which was in the region of $5.5 million. Although RLI’s exposure on the island is relatively low, they underwrite just 3%  of the Hawaiian market, they, and other insurers have been burned by the slowly unfolding nature of the catastrophe.

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