AIG sees 3rd-quarter catastrophe losses of about $3 bln

AIG sees 3rd-quarter catastrophe losses of about $3 bln

Markel is the latest in a string of insurers and reinsurers to report the impacts of recent catastrophe events, and the impact this is expected to have on third-quarter 2017 results.

Both insurers said the losses were within their expectations.

The preliminary estimates are pretax and net of reinsurance, reinstatement and adjustment premiums and redeemable noncontrolling interest.

XL Group issued a preliminary estimate of $1.48bn for third quarter catastrophe losses yesterday (11 October).

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 $100 billion.

The estimate includes the toll of biblical-scale flooding in Houston in Hurricane Harvey, repeat battering of the Caribbean with Irma and Maria and the Mexico calamity that claimed more than 360 lives.

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XL sees the private insurance and reinsurance market loss for Hurricanes Harvey, Irma and Maria as being in the range of $75 billion to $90 billion, with each storm contributing roughly 25%, 40% and 25%, respectively, to its loss estimates.

The company says it continues to have significant catastrophe reinsurance protections remaining for 2017 and 2018, including catastrophe bond protections, some of which extend through 2019.

"And, as ever, the problem of underinsurance is again laid bare, afflicting especially those already less well off". "The news should alleviate recent investor concerns about an outsized loss from XL and any concerns about capital raise needs", the update said.

The figure is based on claims received, reviews of policies and in-force contracts, industry loss estimates and predictive modelling notes, Markel said.

Commenting on today's announcement, XL's Chief Executive Officer Mike McGavick said: "Our hearts break at the havoc caused by these events; the awful pain and anguish suffered".

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