Global reinsurance giant Swiss Re has released estimated catastrophe losses for the third-quarter of $3.6 billion, driven by hurricanes Harvey, Irma and Maria, and the Mexico earthquakes.
The figure is based on a total market insured loss of $95 billion from the three hurricanes and earthquakes in Mexico, and is net of retrocession and before tax.
Claims from the earthquakes in Mexico are expected to amount to $175 million, meaning the majority, or roughly $3.43 billion relates to losses from the three hurricanes.
Christian Mumenthaler, Swiss Re’s Chief Executive Officer (CEO), commented; “The most recent natural catastrophes have been extremely powerful and we extend our sympathies to all those affected by these events. 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 warns that estimates are subject to uncertainty, and may need to be adjusted in the future as claims assessment continues.
David Cole, Swiss Re’s Chief Financial Officer (CFO), added; “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.”