Swiss Re Estimates Disasters Claims Burden of $3.6 Billion
Swiss Re AG (SREN.EB) expects to book about $3.6 billion in preliminary combined losses from a recent string of natural disasters, it said Friday.
The losses stem from hurricanes Harvey, Irma and Maria, as well as two earthquakes in Mexico. The earthquakes are expected to account for approximately $175 million of the total combined losses, the insurer said.
Swiss Re judges total insured market losses from the disasters to be close to $95 billion.
However, these estimates are subject to a higher-than-usual degree of uncertainty, the Zurich-based company said, adding that they may need to be adjusted as claims assessment continues.
Chief Financial Officer David Cole said that the company retains a solid capital position and disposes of the financial flexibility required to support its clients and respond to market developments.
Write to Marc Bisbal Arias at firstname.lastname@example.org
(END) Dow Jones Newswires
October 20, 2017 02:36 ET (06:36 GMT)