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
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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":[],"categories":[107],"tags":[1271,1272,1273,594],"yoast_head":"\n