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Member, Beacon International Group, Ltd.
Scor S.E. said its losses from hurricanes Harvey, Irma and Maria together with the two earthquakes which struck Mexico will total €430 million ($504.7 million) for the third quarter of 2017, the company said in a statement Monday.
The Paris-based reinsurer also put combined total losses for the string of natural catastrophes at almost US $100 billion.
“Based on its own data and modelling tools, Scor currently estimates that the total private insured market loss for the combined Harvey-Irma-Maria hurricanes and Mexico earthquakes should reach $95 billion,” the company said.
This jibes with some industry estimates which suggest 2017 could become the most costly year ever recorded for insurance industry catastrophe losses.
Scor’s estimate of its own losses, which is net of retrocession and tax for the third quarter of 2017, is “based on an analysis of the group's exposures, the current assumption of total insured losses and preliminary information received from certain cedants to date,” Scor said in its statement.
The company cautioned, however, that “given the nature, magnitude and very recent occurrence of these events, and the limited claims information received to date, there remains a material degree of uncertainty regarding this estimate.”