Reinsurance News

Assurant sees up to $140mn Harvey loss, Irma to stay within reinsurance program

12th September 2017 - Author: Luke Gallin

Assurant has announced that it expects hurricane Harvey to result in an estimated pre-tax catastrophe loss of between $134 million to $140 million within its third-quarter results, net of reinsurance.

Assurant logoFollowing the devastating impact of hurricane Harvey in the U.S., companies and the global insurance and reinsurance industry will start to assess their losses, although the overall industry and economic loss won’t be known for some time.

Assurant expects losses of up to $140 million from the storm, which includes the impacts of both wind and flood.

“Our thoughts are first and foremost with those impacted by the devastating effects of Hurricanes Harvey and Irma, including our customers, our employees and their families.

“Now begins the important task of working with our customers to process claims, recover and rebuild the communities we serve following these unprecedented events,” said Assurant Chief Executive Officer (CEO), Alan Colberg.

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The firm has also reported that it expects gross losses from hurricane Irma, which followed on the heels of hurricane Harvey, to exceed its $125 million retention, pre-tax, but that the loss will remain within its reinsurance program.

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