Swiss Re estimates $3.6 billion losses from hurricanes and Mexico earthquakes

Swiss Re has estimated that its losses from Hurricanes Irma, Harvey and Maria, and the Mexico earthquakes will be $3.6 billion, net of retrocession and before tax.

It said total market losses for the catastrophes are estimated to be $95 billion, and its share of pay-outs for the two Mexico earthquakes will be $175 million.

Swiss Re Group Chief Executive Officer Christian Mumenthaler, said: “The most recent natural catastrophes have been extremely powerful and we extend our sympathies to all those affected by these events.

“Through our long-standing and close client relationships, combined with our experience in complex claims handling after large natural catastrophes, we can support our clients when they need us most. It is during these times that we demonstrate our differentiated value proposition and show the value of insurance and reinsurance to society.”

Chief Financial Officer David Cole said: “Swiss Re maintains a very strong capital position and high financial flexibility to support our clients’ needs, respond to market developments and execute on our capital management priorities.”