Insurers estimate losses from hurricanes


Another $1.0bn to $1.1bn would result from Hurricane Irma and $600mn to $700mn from Hurricane Maria.

But AIG shares were plummeting already prior to the hurricanes. (AIG) is expecting to suffer a loss in a range from $2.9 billion to $3.1 billion from third-quarter catastrophes, pre-tax but after taking into account its reinsurance arrangements.

This amount includes pre-tax estimated losses of $1.1 billion to $1.2 billion from Hurricane Harvey, $1.0 billion to $1.1 billion from Hurricane Irma, $600 million to $700 million from Hurricane Maria, and approximately $150 million in additional catastrophe losses including Mexico earthquakes.

Chubb Ltd, the world's largest listed property and casualty insurer, has estimated after-tax losses of up to US$1.28 billion from hurricanes Harvey and Irma.

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Lancashire said it would provide a further update on November 2, as part of its third-quarter earnings release.

MS&AD INSURANCE Japan's MS&AD Insurance Group Holdings Inc estimated up to 110 billion yen ($978.73 million) in incurred losses related to the hurricanes and earthquakes in the Americas and said it was reviewing its FY2017/18 earnings forecasts.

AIG has previously reported a net loss this significant previously.

Hurricane season in the Atlantic is still in full swing and Morgan Stanley said it expects overall insured losses from this year's catastrophes to approach US$100 billion.

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Scor had said earlier that hurricanes Harvey and Irma were expected to count as an earnings event rather than a capital event in the third quarter.

"This estimate falls well within the Company's modelled loss ranges for these types of catastrophe events", the company said.

Lancashire's warning follows a host of similar announcements from insurers and reinsurers.

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