Swiss Re expects claims for losses from the current hurricane season and the earthquakes in Mexico to reach a similar size as its entire net income for 2016. And the numbers are far from final.
Swiss Re, the world’s second-largest reinsurer, estimates the combined claims from hurricanes Harvey, Irma and Maria as well as the earthquakes in Mexico to amount to $3.6 billion, net of retrocession and before tax, the Zurich-based company said in a statement today. That’s exactly the amount that the insurer had reported as net income for the full year 2016.
The total losses insured caused by the events amount to about $95 billion, Swiss Re added. The estimates were subject to a higher-than-usual degree of uncertainty and may need to be adjusted as the claims assessment process continued, the company said.
The Swiss reinsurer made today’s statement ahead of its scheduled nine-month report slated for November 2, 2017.
