Swiss Re swings to 9-month loss after Hurricane Ian claims
Posted On: Oct. 28, 2022 12:31 PM CST
(Reuters) — Reinsurance company Swiss Re said Friday that it swung to a bigger-than-expected loss in the first nine months as it absorbed claims from Hurricane Ian in Florida.
The company said the war in Ukraine, inflation and volatile markets also damped performance during the period.
The net loss of $285 million in the period compared with a profit of $1.3 billion in the year-earlier period. Analysts had expected a loss of $130 million, according to a consensus forecast, and the company had already flagged the burden from the hurricane.
“The first nine months of this year were marked by a confluence of events,” CEO Christian Mumenthaler said.
Ian, which came ashore in Florida last month, was one of the strongest hurricanes to ever make landfall in the United States, subjecting the region to extreme winds, storm surges and torrential rain.
It cost Swiss Re around $1.3 billion, it said last week.