Zurich Insurance Estimates $700 Million Claims From Recent Hurricanes

By Nathan Allen Features Dow Jones Newswires

Zurich Insurance Group AG (ZURN.EB) said Thursday that it expects to pay out aggregate third-quarter claims of $700 million related to hurricanes Harvey, Irma and Maria.

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The Swiss insurer said its total losses after tax should be around $620 million, but added that final assessment will take time to complete due to the nature of the events.

The company said it doesn't expect the losses to affect the group's overall financial strength or capital flexibility.

"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," Group Chief Executive Officer Mario Greco said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

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October 19, 2017 01:59 ET (05:59 GMT)