Berkshire Q3 results hit by $3bn nat cat losses
Berkshire Hathaway recorded an overall net loss from insurance underwriting of $1.44 billion in the third quarter of 2017 compared to a net income of $272 in the same period a year ago.
Underwriting results in the third quarter of 2017 included estimated pre-tax losses of approximately $3.0 billion ($1.95 billion after-tax) attributable to three major hurricanes in the US and Puerto Rico and an earthquake in Mexico.
Property/casualty and life re/insurer Berkshire Hathaway Reinsurance Group posted an underwriting loss of $1.34 billion in the third quarter of 2017 compared to an underwriting loss of $19 million in the third quarter of 2016. The results included estimated losses of approximately $1.45 billion related to hurricanes Harvey, Irma and Maria and an earthquake in Mexico.
Motor insurer GEICO reported an underwriting loss of $416 million for the third quarter of 2017 compared to underwriting earnings of $138 million in the same period a year ago. GEICO incurred estimated losses related to hurricanes Harvey and Irma of approximately $500 million the third quarter.
Property/casualty and life re/insurer General Re recorded an underwriting loss of $504 million compared to an underwriting profit of $100 million over the period. The results included aggregate estimated losses of $835 million from hurricanes Harvey, Irma and Maria and an earthquake in Mexico.
Overall, insurance premiums earned grew to $13.35 billion in the third quarter of 2017 compared to $11.36 billion in the same period a year ago. Revenues at GEICO increased to $7.54 billion from $6.47 billion over the period. General Re grew the revenues to $1.63 billion from $1.39 billion. Similarly, Berkshire Hathaway Reinsurance Group’s revenues were up at $2.32 billion from $1.87 billion.
Sign up to our free email newsletters
AIG expects double-digit P&C rate increases, $500m California wildfire hit
Willis Towers Watson appoints head of P&C North Asia from AIG
Lancashire faces rate increases from clients and retrocession
Advent Claims partners with Principia Underwriting
Pioneer launches property E&S operation with new hire
Liberty appoints casualty reinsurance director from Munich Re
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze