Tokio Marine Holdings, Inc. has announced that it expects estimated pre-tax catastrophe losses, net of reinsurance, from the Mexico earthquakes, and hurricanes Harvey, Irma, and Maria, to total around 65 billion yen (US$580 million).
“We would like to express our sincerest sympathies to all who have been affected by the natural catastrophes,” said the company’s President and Chief Executive Officer (CEO), Tsuyoshi Nagano.
According to a statement from the company, the losses include approximately $190 million (21 billion yen) from hurricane Harvey, roughly $290 million (32 billion yen) from hurricane Irma, $80 million (9 billion yen) from hurricane Maria, and around $30 million (3 billion yen) from the Mexico earthquakes.
Tokio Marine explains that the figures are based on data and information available as of October 12th, 2017, and that the ultimate loss may differ from these estimates.
“Our Group maintains strict risk management, and the adjusted net assets for Tokio Marine Holdings for the fiscal year ended March 31, 2017 is around 3.8 trillion yen. We believe the losses reported on herein will have a minor impact on the financial soundness of Tokio Marine Holdings,” said the firm.
