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Swiss Re expects $1B claims burden from natural catastrophes in Q4'18

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Swiss Re expects $1B claims burden from natural catastrophes in Q4'18

Swiss Re AG expects fourth-quarter 2018 preliminary claims burden from recent natural catastrophes of approximately $1.0 billion, mainly affecting reinsurance, and net of retrocession and before tax.

Net of retrocession and before tax, the company expects claims from the Camp and Woolsey fires in California of $375 million, while the claims burden from Hurricane Michael is anticipated to be $150 million.

Swiss Re's estimate for typhoons Jebi and Trami increased by $320 million in the fourth quarter of 2018, net of retrocession and before tax. The total number of claims for natural catastrophes also includes smaller events, such as the Sydney hailstorm on Dec. 20, 2018.

Additionally, multiple large man-made disasters are expected to cause approximately $300 million in claims for the fourth quarter of 2018. These disaster include, among others, a major satellite loss, a large industrial fire in Germany and a further increase in the estimated claims of the Ituango dam flooding in Colombia.

Overall, Swiss Re expects a combined claims burden from natural catastrophes and large man-made disasters of $2.9 billion for full-year 2018. For the whole industry in 2018, Swiss Re estimates global insured losses of $81 billion.