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MS&AD Insurance estimates up to ¥110B of cat losses in Q3

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MS&AD Insurance estimates up to ¥110B of cat losses in Q3

MS&AD Insurance Group Holdings Inc. said its group companies incurred estimated pretax losses of ¥70 billion to ¥110 billion in the aggregate due to hurricanes in North America and the Caribbean and earthquakes in Mexico in August and September.

The Japanese insurer said its group companies are Mitsui Sumitomo Insurance Co. Ltd., Aioi Nissay Dowa Insurance Co. Ltd., MS Amlin Plc, MSIG Holdings (Americas) Inc., Mitsui Sumitomo Insurance Co. (Europe) Ltd. and MSIG Insurance Europe AG.

Losses at MS&AD group companies from hurricanes Harvey, Irma and Maria are expected to range between ¥15 billion and ¥25 billion; ¥30 billion and ¥50 billion; and ¥20 billion and ¥25 billion, respectively. Losses attributable to Mexico quakes are estimated to be between ¥5 billion to ¥10 billion.

The company said the estimates are based on currently available information and that these could be revised in the future.

The company also said it is reviewing its consolidated earnings forecasts for the year ending March 31, 2018, and will make an announcement if the forecasts are revised.

As of Oct. 5, US$1 was equivalent to ¥112.64.