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Hurricanes, Earthquakes Estimated to Cost Industry $95B

Hurricanes, Earthquakes Estimated to Cost Industry $95B

Friday, 20 October 2017 04:51 AM

GENEVA (AP) — Swiss Re, one of the world's biggest reinsurers, estimates that Hurricanes Harvey, Irma and Maria, plus two recent earthquakes in Mexico will cost the industry about $95 billion.

The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, says the claims process is ongoing and estimates could evolve.

Swiss Re expects its own payouts linked to the natural disasters will be about $3.6 billion, including $175 million for the Mexico earthquakes alone.

A company statement Friday didn't break down the costs by hurricane. Swiss Re didn't immediately respond to a call and an e-mail from The Associated Press seeking an elaboration.

CEO Christian Mumenthaler called the catastrophes "extremely powerful" and said Swiss Re "can support our clients when they need us most."

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
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Swiss Re, one of the world's biggest reinsurers, estimates that Hurricanes Harvey, Irma and Maria, plus two recent earthquakes in Mexico will cost the industry about $95 billion.The Zurich-based company, which as a reinsurer provides backup policies to companies that write...
APFN,EU,Switzerland,Insurance,Hurricanes
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2017-51-20
Friday, 20 October 2017 04:51 AM
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