Swiss Re issues estimated claims burden from Irma, Harvey damage

Swiss Re estimates its preliminary combined losses from the hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately US$ 3.6 billion with total insured market losses currently estimated to be approximately US$ 95 billion.

The company released a statement mid-Oct stating the estimates and specified that the claims from the two earthquakes in Mexico are expected to be approximately USD 175 million.

Swiss Re’s Group Chief Executive Officer, Christian Mumenthaler, said their clients will be supported in their time of need: “The most recent natural catastrophes have been extremely powerful and we extend our sympathies to all those affected by these events. It is during these times that we demonstrate our differentiated value proposition and show the value of insurance and reinsurance to society.”

Swiss Re’s Group Chief Financial Officer, David Cole, added: “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.”