GENEVA (AP) — Hurricanes Harvey, Irma and Maria, as well as two recent earthquakes in Mexico likely cost the insurance industry about $95 billion, said Swiss Re, one of the world’s biggest reinsurers.
The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, said Friday that the claims process is ongoing and estimates could evolve.READ MORE: Judge Rejects Challenge To Southwest's Vaccine Mandate
Swiss Re expects its own payouts linked to the natural disasters will be about $3.6 billion, including $175 million for the Mexico earthquakes alone.READ MORE: 'When I Finally Got To Be Elvira, That's When My Life Calmed Down': Mistress Of The Dark Peels Back The Curtain
A company statement didn’t break down the costs by hurricane. In an e-mail, Swiss Re’s vice president for communications, Willy-Andreas Heckmann, said the company would provide further details with its third-quarter results report next week.
CEO Christian Mumenthaler called the catastrophes “extremely powerful” and said Swiss Re “can support our clients when they need us most.”
Reinsurance, a sort of insurance for insurers, helps spread risk so that the system can handle large losses from natural disasters.MORE NEWS: Ira Morya Davis Of Irving Found Guilty Of Wire Fraud Violations
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