Zurich Insurance Estimates $700 Million Claims From Recent Hurricanes
October 19 2017 - 2:14AM
Dow Jones News
By Nathan Allen
Zurich Insurance Group AG (ZURN.EB) said Thursday that it
expects to pay out aggregate third-quarter claims of $700 million
related to hurricanes Harvey, Irma and Maria.
The Swiss insurer said its total losses after tax should be
around $620 million, but added that final assessment will take time
to complete due to the nature of the events.
The company said it doesn't expect the losses to affect the
group's overall financial strength or capital flexibility.
"These events have demonstrated the effectiveness of our
underwriting and the improvements made in our reinsurance programs
over the past year, which have ensured that the overall losses
remain well within our overall risk tolerance," Group Chief
Executive Officer Mario Greco said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 19, 2017 01:59 ET (05:59 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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