Zurich Insurance announced that it currently estimates aggregate claims net of reinsurance of about $700 million relating to Storm Sandy. “This includes $40 million related to Farmers Re in connection with the reinsurance cover provided to the Farmers Exchanges, which are managed but not owned by Farmers Group, Inc., a wholly-owned subsidiary of Zurich,” the bulletin explained.
In addition Zurich said it is estimating “reinstatement premiums due on reinsurance covers of $58 million. These are pre-tax estimates which will be recorded in the results for the fourth quarter 2012, which as part of the annual results, will be released on February 14, 2013.”
CEO Martin Senn commented: “This storm has shown us once again how powerful natural forces can be and what risks they pose. I am proud of how Zurich’s employees have been helping our customers, both before and after storm Sandy. Zurich’s strong balance sheet, healthy cash flows and risk expertise enable us to be there for our customers when they need us and to deliver on our promise.”
Source: Zurich Insurance
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