Hurricanes Harvey, Irma and Maria, as well as two recent earthquakes in Mexico likely cost the insurance industry about $95 billion, said Swiss Re, one of the world’s biggest reinsurers.<\/p>\n
The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, said Friday that the claims process is ongoing and estimates could evolve.<\/p>\n
Swiss Re expects its own payouts linked to the natural disasters will be about $3.6 billion, including $175 million for the Mexico earthquakes alone.<\/p>\n
A company statement didn’t break down the costs by hurricane. In an e-mail, Swiss Re’s vice president for communications, Willy-Andreas Heckmann, said the company would provide further details with its third-quarter results report next week.<\/p>\n
CEO Christian Mumenthaler called the catastrophes “extremely powerful” and said Swiss Re “can support our clients when they need us most.”<\/p>\n
Reinsurance, a sort of insurance for insurers, helps spread risk so that the system can handle large losses from natural disasters.<\/p>\n
–<\/p>\n
Source: AP<\/p>\n","protected":false},"excerpt":{"rendered":"
Hurricanes Harvey, Irma and Maria, as well as two recent earthquakes in Mexico likely cost the insurance industry about $95 billion, said Swiss Re, one of the world’s biggest reinsurers. The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, said Friday that the claims process is ongoing […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[107],"tags":[1271,1272,1273,594],"class_list":["post-363514","post","type-post","status-publish","format-standard","hentry","category-international","tag-harvey","tag-hurricane","tag-irma-and-maria","tag-us"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/363514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=363514"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/363514\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=363514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=363514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=363514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}