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Ten of the world’s leading insurers and reinsurers saw net losses in excess of $1 billion stemming from the 2017 North Atlantic hurricane season, with another 10 between the $500 million and $1 billion mark, according to a January report from A.M. Best Co. Inc.
The third quarter of 2017 hosted the triple punch of hurricanes Harvey, Irma and Maria, while some companies’ figures also include losses from earthquakes in Mexico or total catastrophe losses, according to Best data.
Topping that list was Lloyd’s of London at $4.8 billion, followed by Swiss Re Ltd. at $3.6 billion pretax and Munich Reinsurance Co. at $3.2 billion, according to Best.
Another report from Best in December said that despite the challenges from the catastrophe losses and others in 2017 and 2018, the industry remained well-capitalized, calling it “resilient.”
A lingering problem for some insurers and reinsurers has been continued or added claims expenses, or “claims creep,” from some of the catastrophes, with Everest Re Group Ltd. just one example as the company took a charge to boost reserves.
Lloyd’s of London, Swiss Re Ltd. and Munich Reinsurance Co. face the largest losses from the third-quarter 2017 catastrophes, according to a report released Thursday by A.M. Best Co. Inc.