Global insurer Zurich expects hurricanes Harvey, Irma and Maria to result in net claims of $700 million in the third-quarter for the firm’s property and casualty (P&C) segment, net of reinsurance and pre-tax.
After tax, Zurich estimates the hit to its P&C segment from the three events will be $620 million, and also reveals that Farmers Re expects to experience a loss of $17 million from the hurricanes, net of reinsurance and pre-tax.
Zurich Chief Executive Officer (CEO), Mario Greco, commented; “While significant, these events have demonstrated the effectiveness of our underwriting and the improvements made in our reinsurance programs over the past year, which have ensured that the overall losses remain well within our overall risk tolerance.
“Our thoughts and best wishes go out to those affected by these tragic events.”
Zurich also experienced a number of smaller events during the third-quarter, but doesn’t expect losses from these, or the hurricanes, to impact the Group’s financial strength, nor does it anticipate incurring any reinstatement costs for reinsurance in relation to the events.
