ZURICH (dpa-AFX) - Zurich Insurance Group AG (ZURVY) on Thursday said it currently estimates aggregate claims in the third quarter related to hurricanes Harvey, Irma and Maria, for the Group's Property & Casualty business, to be approximately $700 million net of reinsurance and before tax.
Final loss assessment will take time to complete due to the nature of the events. After tax, the losses are expected to be around $620 million.
The company said it does not expect to incur any reinstatement costs for reinsurance in relation to the third-quarter events.
In addition, the third quarter also saw a number of other smaller events, while Farmers Re is expected to incur a loss in relation to the three hurricanes of $17 million net of reinsurance and before tax.
The losses are not expected to have a material impact on the company's overall financial strength and capital flexibility.
Group Chief Executive Officer Mario Greco said, 'While significant, 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.'
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