PartnerRe, Berkley estimate losses from September catastrophes
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Reinsurer PartnerRe Ltd. will see almost half a billion dollars in losses from the cluster of natural disasters in September, while commercial lines insurer W.R. Berkley Corp. escaped with less than $100 million in losses, according to company statements.
Pembroke, Bermuda-based PartnerRe Ltd. said Monday that it estimates combined catastrophe losses of approximately $475 million pretax, net of retrocession and reinstatement premiums, from its exposure to hurricanes Harvey, Irma and Maria for the third quarter of 2017. The company is scheduled to report its third-quarter results Nov. 16.
PartnerRe said its estimate of losses for these events is based on a “preliminary analysis” of its exposures and preliminary information, and that there is “material uncertainty associated with the company's loss estimates given the nature, magnitude and recency of these loss events and the limited claims information received to date.”
Meanwhile, Greenwich, Connecticut-based Berkley on Wednesday said its preliminary estimated catastrophe losses for the three hurricanes and the two September earthquakes in Mexico are expected to be less than $110 million pretax or $72 million after-tax.
Berkeley’s loss estimate “gives consideration to all expected reinsurance recoveries and is inclusive of reinstatement premiums,” the company said in a statement.
“The devastation has been catastrophic, and we remain committed, as a company and as individuals, to our role in assisting those in need,” Berkeley said in its statement.
One recent report said the concentration of recent catastrophes could make 2017 the costliest year ever for the insurance industry in terms of catastrophe losses.
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