Zurich Insurance Group estimates that Hurricanes Harvey, Irma and Maria will aggregate claims in the third quarter of approximately US$700 million, net of reinsurance and before tax.
After tax, the losses are expected to be around US$620 million, the company said, noting that it does not expect to incur any reinstatement costs for reinsurance in relation to the third-quarter events.
In addition, the third quarter also saw a number of other smaller events, while Farmers Re is expected to incur a loss in relation to the three hurricanes of US$17 million, net of reinsurance and before tax.
The losses are not expected to have a material impact on the group’s overall financial strength and capital flexibility, said the company in a statement.
“While significant, these events have demonstrated the effectiveness of our underwriting and the improvements made in our reinsurance programs over the past year, which have ensured that the overall losses remain well within our overall risk tolerance,” said Group Chief Executive Officer Mario Greco. “Our thoughts and best wishes go out to those affected by these tragic events.”
Source: Zurich Insurance
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