Reinsurance News

MS&AD forecasts up to $975m Q3 catastrophe loss

6th October 2017 - Author: Steve Evans

MS&AD Insurance Group Holdings, Inc., the parent of a range of re/insurers including Mitsui Sumitomo and MS Amlin, expects its losses from third-quarter hurricanes and earthquakes could reach as much as $975 million.

MS&AD Insurance logoMS&AD gives a significant range in possible group losses, from around 70 billion yen ($620m) to 110 billion yen ($975m) pre-tax and net of reinsurance.

Of this group total, hurricane Harvey losses are expected to be up to $220 million, hurricane Irma up to $445 million, hurricane Maria up to $220 million and the Mexico earthquakes up to $90 million.

The estimates are based on currently available information and subject to change.

The insurance group said that it is reviewing whether it needs to adjust its full-year earnings expectations and will make an announcement on this if required.

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