Swiss Re latest company to estimate cat lossesReprints
(Reuters) – Swiss Reinsurance Ltd. on Friday estimated its claims burden from hurricanes Harvey, Irma and Maria in the United States and from two earthquakes in Mexico at roughly $3.6 billion in the third quarter.
The catastrophes have led global insurers and reinsurers to issue profit warnings.
Below are statements from insurers and reinsurers in the wake of the catastrophes, in alphabetical order:
American International Group Inc. said it expected to book pre-tax catastrophe losses of about $3 billion in the third quarter mainly related to hurricanes Harvey, Irma and Maria and additional catastrophe losses, including earthquakes in Mexico, of about $150 million.
Allstate Corp. estimated pre-tax catastrophe losses of $593 million, net of reinsurance recoveries, for August.
Arch Capital Group Ltd. estimated preliminary after-tax losses between $285 million and $345 million from hurricanes Harvey, Irma and Maria, the Mexican earthquakes, and other more minor global events.
Argo Group International Holdings Ltd. estimated preliminary pre-tax catastrophe losses of $85 million to $110 million from hurricanes Harvey, Irma and Maria as well as the earthquake in Mexico City.
Aspen Insurance Holdings Ltd. estimated about $310 million in pre-tax losses related to hurricanes Harvey, Irma and Maria and $50 million from other events, the largest of which relate to weather-related losses and the Mexican earthquakes.
Axis Capital Holdings Ltd. said its initial estimate of net financial impact from catastrophe losses in the quarter ended Sept.30 was $578 million. The estimate included losses from Hurricanes Harvey, Irma, and Maria and the earthquakes in Mexico.
Beazley P.L.C. said losses from hurricanes Harvey, Irma and Maria and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million.
Chubb Ltd. estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma. It expects insured losses of about $520 million from Harvey and $640 million to $760 million from Irma after tax. Chubb estimated the maximum net insurance and net reinsurance losses related to Hurricane Maria would be about $200 million after tax for the third quarter.
EMC Insurance Group estimated third-quarter catastrophe and storm losses at about $29.4 million.
Everest Re Group Ltd. estimated pretax catastrophe losses of $1.2 billion, with a net economic impact of $900 million after taxes from Hurricanes Harvey, Irma, and Maria and the earthquakes in Mexico.
HCI Group Inc.’s principal operating subsidiary, Homeowners Choice Property & Casualty Insurance, a provider of home insurance in Florida, issued a preliminary estimate indicating its losses related to Hurricane Irma would be $100 million to $300 million.
Hiscox Ltd. estimated it would face net claims totaling about $225 million from Harvey and Irma.
Lancashire Holdings Ltd. said it estimated that its losses from hurricanes in the Caribbean and southern United States and earthquakes in Mexico would be between $106 million and $212 million.
Lloyd's of London expects net losses of $4.5 billion from hurricanes Harvey and Irma, which analysts said would hit the market’s profitability. Lloyd’s 80-plus syndicates have already paid out more than $160 million in claims from Harvey and more than $240 million from Irma.
Maiden Holdings Ltd. said it expected a net impact from Harvey on its third-quarter results of $6 million to $18 million and $2 million to $13 million from Irma.
Mapfre S.A. said the size and frequency of hurricanes in the Caribbean and earthquakes in Mexico would imply a net cost of between $177 million and $237 million on its attributable result for the year.
MS&AD Insurance Group Holdings Inc. estimated up to $978.65 million in incurred losses related to the hurricanes and earthquakes in the Americas.
Markel Corp. said it expects to report third-quarter pretax underwriting losses of $503 million, net of reinstatement premiums, from hurricanes Harvey, Irma and Maria as well as the Mexico City earthquake.
Munich Reinsurance Co. warned it could miss its profit target this year, the first major reinsurer to flag a hit to earnings from damage caused by hurricanes Harvey and Irma.
Proassurance Corp. estimated net pretax losses from hurricanes Harvey, Irma and Maria to be about $7.5 million.
QBE Insurance Group, revealed a $600 million earnings hit on its business from hurricanes in the Atlantic and earthquakes in Mexico.
RenaissanceRe Holdings Ltd. said its initial estimates pointed to $625 million of "net negative impact" from hurricanes Harvey, Irma and Maria and the Mexico City earthquake.
RLI Corp. said it expects third-quarter pretax losses of $30 million to $40 million from Harvey and Irma, net of reinsurance.
RSA Group P.L.C. said its business would see catastrophe losses from the U.S., Caribbean and Mexico, affecting September results in the marine and international portfolios.
Scor S.E. estimated a $505.94 million impact from hurricanes Harvey, Irma and Maria and the Mexico earthquake.
Travelers Cos. Inc. recorded $700 million in catastrophe losses from the destruction wrought by hurricanes Harvey and Irma.
Universal Insurance Holdings Inc. estimated gross losses from Hurricane Irma, from Florida and other southeastern U.S. states, will be $350 million to $450 million. The company added that because of its “substantial” reinsurance program, its expected net pretax losses relating to the hurricane were $35 million.
Validus Holdings Ltd. estimated net losses from hurricanes Harvey, Irma and Maria and the Mexico City earthquake of $412.7 million.
XL Group Ltd., which does business as XL Catlin, said that its preliminary estimate of net losses totaled about $1.33 billion due to the three hurricanes. Preliminarily estimated third-quarter catastrophe losses including smaller loss events totaled about $1.48 billion.
Zurich Insurance Group Ltd. said that Farmers Re faced a hit of no more than $20 million in the second half from catastrophes such as hurricanes Irma and Harvey. The insurer estimated that hurricanes Harvey, Irma and Maria would trigger around $700 million in claims in the third quarter net of reinsurance and before tax.