Great-West Lifeco Inc. has said that hurricanes Harvey, Irma, and Maria will result in a combined after-tax reinsurance loss of $175 million for the company, which will be included in its third-quarter results.
Great-West Lifeco provides property catastrophe protection to reinsurers through its subsidiary, London Reinsurance Group Inc., making it exposed to adverse and extreme weather events around the globe.
Many insurers and reinsurers have now announced their losses from catastrophe events in the third-quarter, with some also now revealing the impact the hurricanes, and other catastrophe events that occurred in the quarter, have had on Q3 results.
Great-West Lifeco warns that its loss estimate is based on currently available data, and could change as more information is made available.
The company’s President and Chief Executive Officer (CEO), Paul Mahon, commented; “The devastation of these hurricanes was enormous and our thoughts are with the families and communities impacted by these catastrophic events. The insurance industry has a vital role to play in financing the recovery and rebuilding activities that are now underway and Great-West Lifeco will continue to support our clients and partners in managing through this difficult situation.”
