Sompo reviews FY earnings forecast after nat cat hit

Sompo Holdings said on Oct. 20 that its incurred losses from natural catastrophes in the third quarter of 2017 are estimated at ¥70 billion ($620 million) before taxes and that it is now reviewing its full-year earnings forecast.

The losses are attributable to several natural catastrophes in the US, Mexico and the Caribbean countries that occurred between August and September.

The biggest loss contribution came from Hurricane Irma with approximately ¥37 billion, followed by Hurricane Harvey with ¥24 billion. Hurricane Maria came in at ¥8 billion and earthquakes in Mexico at ¥1 billion.

The figures are net of reinsurance and less net loss attributable to non-controlling shareholders. Due to the loss estimates, Sompo is now reviewing its consolidated earnings forecast for the fiscal year ending March 31, 2018.

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