International financial services company Great-West Lifeco has announced that it will record a provision of US $100 million for estimated reinsurance claims expected to result from Hurricane Ian.
Lifeco mainly has interests in life insurance, health insurance, retirement and investment services, and asset management business.
But it also writes retrocessional property catastrophe business through its Capital and Risk Solutions segment to gain additional diversification.
As a result, it faces exposure to claims arising from major weather and other catastrophic events, including those from Hurricane Ian.
“Our thoughts are with the families, businesses, and communities that face the devastation wrought by Hurricane Ian,” said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco.
“The insurance industry has a vital role to play in financing the recovery and rebuilding activities that are now underway. Great-West Lifeco will continue to support our clients and partners in managing through this difficult situation.”
Lifeco will record the claims provision in its third quarter results, but stipulated that its estimate is based on currently available information and may change as additional information becomes available.
