Zurich Insurance expects $700 million in hurricane claims

Zurich Insurance Group AG (ZURN.EB) said on Thursday that it expects to pay out aggregate third-quarter claims worth $700 million related to hurricanes Harvey, Irma, and Maria.

The Swiss insurer said its total losses after tax should be around $620 million, but added that final assessment will take time to complete due to the nature of the events.

The company said it doesn’t expect the losses to affect the group’s overall financial strength or capital flexibility.

“These events have demonstrated the effectiveness of our underwriting and the improvements made in our reinsurance programs over the past year, which have ensured that the overall losses remain well within our overall risk tolerance,” Group Chief Executive Officer Mario Greco said.

Source: MarketWatch