Menu

Reinsurance News

Zurich puts Harvey, Irma and Maria losses at $700 million

19th October 2017 - Author: Luke Gallin

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.

Zurich LogoAfter 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.

RMS

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
A J. Gallagher strengthens with addition of mining specialist

Global brokerage Arthur J. Gallagher has announced the appointment of Stuart Hill, an international mining specialist, as a Director, effective...

Close