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Swiss Re estimates Q3 nat cat losses of $1.1B

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Swiss Re estimates Q3 nat cat losses of $1.1B

Swiss Re AG estimates third-quarter preliminary combined claims burden from recent large natural catastrophes at around $1.1 billion, net of retrocession and before tax, dominated by weather-related losses in Japan.

Claims from Typhoon Jebi are expected to be $500 million, while those from Hurricane Florence are expected to be $120 million. A number of further natural catastrophes, mainly in Japan and North America, including the Carr wildfire in California, aggregate to another $500 million of large losses for Swiss Re in the quarter.

Multiple large man-made disasters are also expected to generate around $300 million in claims for the quarter, the impact of which is expected to be almost equally distributed between the reinsurance and corporate solutions business units.

Large man-made disasters that occurred or deteriorated in the third quarter include the collapse of the Genoa motorway bridge in Italy, a shipyard fire in Germany and the Ituango dam flooding in Colombia, among others.

While the third-quarter losses are large for an individual quarter for the Zurich-based company, it noted that the cumulative losses for the first nine months are broadly in line with year-to-date expectations.

Swiss Re will publish its results for the first nine months of 2018 on Nov. 1.