Insured losses from hurricanes, Mexico quakes $95 bln: Swiss Re estimate

Zurich, Oct 20 :Total insured market losses from hurricanes Harvey, Irma and Maria and two earthquakes in Mexico this year came to around $95 billion, reinsurance group Swiss Re announced Friday. The Zurich-based company estimated its own pre-tax claims burdens from three hurricanes and two quakes at some $3.6 billion (3.05 billion euros) in the third quarter. The world’s second largest reinsurer behind Munich Re based on assumed premiums cautioned that the estimates “are subject to a higher than usual degree of uncertainty and may need to be subsequently adjusted as the claims assessment process continues.” “The most recent natural catastrophes have been extremely powerful,” CEO Christian Mumenthaler said in a statement. Hurricane Harvey battered Texas and parts of Louisiana in late August, causing severe damage to property and paralyzing the country’s fourth-largest city, Houston, with major flooding. In September, Hurricane Irma struck the Florida Keys archipelago and Hurricane Maria slammed into Puerto Rico. Two powerful earthquakes hit Mexico in September, leaving hundreds dead. “Swiss Re estimates the total insured market losses of the industry caused by these events to be approximately $95 billion,” it said.

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