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Zurich Insurance sees $700 mln Q3 hit from hurricanes
October 19, 2017 / 5:27 AM / in a month

Zurich Insurance sees $700 mln Q3 hit from hurricanes

ZURICH, Oct 19 (Reuters) - Zurich Insurance Group estimated on Thursday that hurricanes Harvey, Irma and Maria would trigger around $700 million in claims in the third quarter net of reinsurance and before tax.

“Final loss assessment will take time to complete due to the nature of the events. After tax, the losses are expected to be around $620 million,” it added in a statement.

“In addition, the third quarter also saw a number of other smaller events, while Farmers Re is expected to incur a loss in relation to the three hurricanes of $17 million net of reinsurance and before tax,” it said, adding the losses were not expected to have a material impact on the group’s financial strength and capital flexibility. (Reporting by Michael Shields; Editing by John Miller)

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