Losses from Hurricane Maria and other recent natural disasters, including hurricanes Irma and Harvey, the Mexico City earthquake and other events, have led global insurers and reinsurers to issue profit warnings.
Below are statements from insurers and reinsurers in the wake of the catastrophes (in alphabetical order): AIG American International Group Inc said it expected to book pre-tax catastrophe losses of about $3 billion in the third quarter mainly related to hurricanes Harvey, Irma and Maria.
...MUCH MOREThe company estimated pre-tax losses of about $1 billion each from Harvey and Irma, up to $700 million from Maria and additional catastrophe losses, including earthquakes in Mexico, of about $150 million.ALLSTATE Allstate Corp, the second-largest U.S. homeowners’ insurer based on premiums collected, estimated pre-tax catastrophe losses of $593 million, net of reinsurance recoveries, for August.BEAZLEY Lloyd’s of London insurer Beazley said losses from hurricanes Harvey, Irma and Maria and a series of earthquakes in Mexico would reduce its 2017 earnings by about $150 million.CHUBB U.S. property and casualty insurer Chubb Ltd estimated after-tax losses of up to $1.28 billion from hurricanes Harvey and Irma. It expects insured losses of about $520 million from Harvey and $640 million to $760 million from Irma after tax.The world’s largest listed property and casualty insurer estimated the maximum net insurance and net reinsurance losses related to Hurricane Maria would be about $200 million after tax for the third quarter.
HANNOVER RE German reinsurer Hannover Re said it could miss its 2017 profit target because of claims from the natural disasters, its first such warning since the 2008 financial crisis.HCI GROUP HCI Group’s principal operating subsidiary, Homeowners Choice Property & Casualty Insurance, a provider of home insurance in Florida, issued a preliminary estimate indicating its losses related to Hurricane Irma would be $100-$300 million.HISCOX Lloyd’s of London underwriter Hiscox Ltd estimated it would face net claims totalling about $225 million from Harvey and Irma.