Swiss Re faces $3.6bn nat cat losses in Q3
Swiss Re said on Oct. 20 that it estimates combined losses from the hurricanes Harvey, Irma and Maria and the earthquakes in Mexico in the third quarter of 2017 to be approximately $3.6 billion, net of retrocession and before tax.
"Swiss Re maintains a very strong capital position and high financial flexibility to support our clients' needs, respond to market developments and execute on our capital management priorities," said Swiss Re's group chief financial officer David Cole.
CEO Christian Mumenthaler added: “Through our long-standing and close client relationships, combined with our experience in complex claims handling after large natural catastrophes, we can support our clients when they need us most. It is during these times that we demonstrate our differentiated value proposition and show the value of insurance and reinsurance to society."
Swiss Re estimates the total insured market losses of the industry caused by the nat cat events in the third quarter to be approximately $95 billion.
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