(Updates Lloyd’s of London, Munich Re and Scor)
Oct 26 (Reuters) - Losses from Hurricane Maria and other recent natural disasters, including hurricanes Irma and Harvey, the Mexico City earthquake and other events, have led global insurers and reinsurers to issue profit warnings.
Below are statements from insurers and reinsurers in the wake of the catastrophes (in alphabetical order): AIG American International Group Inc said it expected to book pre-tax catastrophe losses of about $3 billion in the third quarter mainly related to hurricanes Harvey, Irma and Maria and additional catastrophe losses, including earthquakes in Mexico, of about $150 million.
ALLSTATE Allstate Corp, the second-largest U.S. homeowners’ insurer based on premiums collected, estimated pre-tax catastrophe losses of $593 million, net of reinsurance recoveries, for August.
ARCH CAPITAL Arch Capital Group Ltd estimated preliminary after-tax losses between $285-$345 million from Hurricanes Harvey, Irma and Maria, the Mexican earthquakes, and other more minor global events.
ARGO GROUP Underwriter Argo Group International estimated preliminary pre-tax catastrophe losses of $85-110 million from hurricanes Harvey, Irma and Maria as well as the earthquake in Mexico City.
ASPEN INSURANCE Aspen Insurance Holdings estimated about $310 million in pre-tax losses related to hurricanes Harvey, Irma and Maria and $50 million from other events, the largest of which relate to weather-related losses and the Mexican earthquakes.
AXIS CAPITAL Axis Capital Holdings Ltd said its initial estimate of net financial impact from catastrophe losses in the quarter ended Sept.30 was $578 million. The estimate included losses from Hurricanes Harvey, Irma, and Maria and the earthquakes in Mexico. BEAZLEY Lloyd’s of London insurer Beazley said losses from hurricanes Harvey, Irma and Maria and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million.
CHUBB U.S. property and casualty insurer Chubb Ltd estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma. It expects insured losses of about $520 million from Harvey and $640 million to $760 million from Irma after tax.
The world’s largest listed property and casualty insurer estimated the maximum net insurance and net reinsurance losses related to Hurricane Maria would be about $200 million after tax for the third quarter.
EMC INSURANCE EMC Insurance Group estimated third-quarter catastrophe and storm losses at about $29.4 million.
EVEREST RE Everest Re Group Ltd estimated pretax catastrophe losses of $1.2 billion, with a net economic impact of $900 million after taxes from Hurricanes Harvey, Irma, and Maria and the earthquakes in Mexico.
HANNOVER RE German reinsurer Hannover RE said it could miss its 2017 profit target because of claims from the natural disasters, its first such warning since the 2008 financial crisis.
Hannover RE does not expect its earnings per share to increase in 2017 due to payouts related to damage done by hurricanes which hit the United States.
HCI GROUP HCI Group’s principal operating subsidiary, Homeowners Choice Property & Casualty Insurance, a provider of home insurance in Florida, issued a preliminary estimate indicating its losses related to Hurricane Irma would be $100-$300 million.
HISCOX Lloyd’s of London underwriter Hiscox Ltd estimated it would face net claims totalling about $225 million from Harvey and Irma.
LANCASHIRE Lancashire Holdings said it estimated that its losses from hurricanes in the Caribbean and southern United States and earthquakes in Mexico would be between $106 million and $212 million.
LLOYD’S OF LONDON Lloyd’s of London estimated net claims of $900 million for Hurricane Maria, which caused devastation in Puerto Rico last month.
The specialist insurance market lowered its net claims estimates for hurricanes Harvey and Irma to $3.9 billion from initial estimates of $4.5 billion.
MAIDEN HOLDINGS Maiden Holdings Ltd said it expected a net impact from Harvey on its third-quarter results of $6-$18 million and $2-$13 million from Irma.
MAPFRE Spain’s Mapfre SA said the size and frequency of hurricanes in the Caribbean and earthquakes in Mexico would imply a net cost of between 150-200 million euros ($177- $237 million) on its attributable result for the year.
MS&AD INSURANCE Japan’s MS&AD Insurance Group Holdings Inc estimated up to 110 billion yen ($978.65 million) in incurred losses related to the hurricanes and earthquakes in the Americas and said it was reviewing its FY2017/18 earnings forecasts.
MUNICH RE Germany’s Munich Re warned that it expected to post only a “small profit” for 2017 after its third-quarter earnings were hit by losses from hurricanes Harvey, Irma and Maria.
The reinsurance group had earlier warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by the hurricanes.
PROASSURANCE CORPORATION Proassurance Corp estimated net pretax losses from hurricanes Harvey, Irma and Maria to be about $7.5 million.
QBE INSURANCE GROUP Australia’s biggest insurer, QBE Insurance Group, revealed a $600 million earnings hit on its business from hurricanes in the Atlantic and earthquakes in Mexico. RENAISSANCERE RenaissanceRe Holdings Ltd said its initial estimates pointed to $625 million of “net negative impact” from hurricanes Harvey, Irma and Maria and the Mexico City earthquake.
RLI CORP Specialty insurer RLI Corp said it expects third-quarter pretax losses of $30-$40 million from Harvey and Irma, net of reinsurance.
RSA INSURANCE British motor and home insurer RSA said its UK business would see catastrophe losses from the U.S., Caribbean and Mexico, affecting September results in the marine and international portfolios.
SCOR French reinsurer Scor reported a 430 million euro ($508 million) impact from hurricanes Harvey, Irma and Maria and the Mexico earthquake.
SWISS RE Swiss Re, the world’s second-largest reinsurer, estimated its claims burden from hurricanes Harvey, Irma and Maria in the United States and from two earthquakes in Mexico at roughly $3.6 billion in the third quarter.
TALANX German insurer Talanx warned it may miss its profit target for 2017 as its reinsurer Hannover Re is being hit by major claims from a series of hurricanes and an earthquake in Mexico. TRAVELERS Travelers Cos Inc, the No. 2 U.S. commercial property and casualty insurer, recorded $700 million in catastrophe losses from the destruction wrought by hurricanes Harvey and Irma.
UNIVERSAL INSURANCE HOLDINGS Universal Insurance Holdings Inc estimated gross losses from Hurricane Irma, from Florida and other southeastern U.S. states, will be $350-$450 million.
The company added that because of its property and casualty unit’s “substantial” reinsurance programme, its expected net pretax losses relating to the hurricane were $35 million.
VALIDUS Insurer and reinsurer Validus Holdings Ltd estimated net losses from hurricanes Harvey, Irma and Maria and the Mexico City earthquake of $412.7 million.
ZURICH INSURANCE GROUP Zurich Insurance Group said that Farmers Re faced a hit of no more than $20 million in the second half from catastrophes such as hurricanes Irma and Harvey.
The insurer estimated that hurricanes Harvey, Irma and Maria would trigger around $700 million in claims in the third quarter net of reinsurance and before tax.
($1 = 112.4000 yen)
$1 = 0.8463 euros Compiled by Noor Zainab Hussain in Bengaluru; editing by Jason Neely
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