German insurer Talanx warned it may miss its profit target for 2017 as its reinsurer, Hannover Re, is being hit by major claims from a series of hurricanes and an earthquake in Mexico.
Reinsurers face big losses from Hurricanes Harvey and Irma, which pummeled the Caribbean and the U.S. states of Texas and Florida. They have been closely followed by Mexico’s most deadly earthquake in three decades and Hurricane Maria, which clobbered Puerto Rico on Wednesday.
“The extent to which Talanx AG will be able to achieve its profit target of around 850 million euros for the financial year 2017 depends on the development of the large loss burden up to the end of the year,” it said in a statement on Thursday.
Hannover Re, which is just over 50 percent-owned by Talanx, said earlier it may miss its own target for a 2017 net profit of 1 billion euros due to the natural disasters.
(Reporting by Maria Sheahan; editing by Christian Schmollinger)
Topics Catastrophe Profit Loss Claims
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