Swiss Re faces $3.6bn nat cat losses in Q3
Swiss Re said on Oct. 20 that it estimates combined losses from the hurricanes Harvey, Irma and Maria and the earthquakes in Mexico in the third quarter of 2017 to be approximately $3.6 billion, net of retrocession and before tax.
"Swiss Re maintains a very strong capital position and high financial flexibility to support our clients' needs, respond to market developments and execute on our capital management priorities," said Swiss Re's group chief financial officer David Cole.
CEO Christian Mumenthaler added: “Through our long-standing and close client relationships, combined with our experience in complex claims handling after large natural catastrophes, we can support our clients when they need us most. It is during these times that we demonstrate our differentiated value proposition and show the value of insurance and reinsurance to society."
Swiss Re estimates the total insured market losses of the industry caused by the nat cat events in the third quarter to be approximately $95 billion.
Get the latest re/insurance news sent to your inbox every day - Sign up to our free email newsletters
Other stories from this morning's newsletter
Hannover Re looks for 40-50% cat rate increases in Florida
ILS investors prepare for reloading
Sompo reviews FY earnings forecast after nat cat hit
Neon launches marine joint venture in Italy
Aon Benfield names EMEA & UK head of client services
California wildfire claims losses reach $1bn
Manchester Underwriting appoints Munich Re exec as claims manager
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze