Swiss Re sees $3.6 bln hit from U.S. hurricanes, Mexico earthquakes

Swiss Re sees $3.6 bln hit from U.S. hurricanes, Mexico earthquakes

The FINANCIAL -- Swiss Re estimates its preliminary combined claims burden in the third quarter from the hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately USD 3.6 billion, net of retrocession and before tax.

Of the total combined losses, claims from the two earthquakes in Mexico are expected to be approximately USD 175 million.

Swiss Re estimates the total insured market losses of the industry caused by these events to be approximately USD 95 billion.

The foregoing estimates are subject to a higher than usual degree of uncertainty and may need to be subsequently adjusted as the claims assessment process continues, according to Swiss Re.

Swiss Re's Group Chief Executive Officer, Christian Mumenthaler, said: "The most recent natural catastrophes have been extremely powerful and we extend our sympathies to all those affected by these events. Through our long-standing and close client relationships, combined with our experience in complex claims handling after large natural catastrophes, we can support our clients when they need us most. It is during these times that we demonstrate our differentiated value proposition and show the value of insurance and reinsurance to society."

Swiss Re's Group Chief Financial Officer, David Cole, adds: "Swiss Re maintains a very strong capital position and high financial flexibility to support our clients' needs, respond to market developments and execute on our capital management priorities."