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November, 201711:12 AM



Hurricanes, quakes to cost $121b: Swiss Re

Hurricanes, quakes to cost $121b: Swiss Re

The world's second largest reinsurer Swiss Re estimates that Hurricanes Harvey, Irma and Maria, plus two quakes in Mexico will cost about $A121 billion.

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By AAP 20.10.2017 07:56 PM

Swiss Re, one of the world's biggest reinsurers, estimates that Hurricanes Harvey, Irma and Maria, plus two recent earthquakes in Mexico will cost the industry about $US95 billion ($A121 billion).

The Zurich-based company, which as a reinsurer provides backup policies to companies that write primary insurance policies, says the claims process is ongoing and estimates could evolve.

Swiss Re expects its own payouts linked to the natural disasters will be about $US3.6 billion, including $US175 million for the Mexico earthquakes alone.

A company statement on Friday didn't break down the costs by hurricane. Swiss Re didn't immediately respond to a call and an email from The Associated Press seeking an elaboration.

CEO Christian Mumenthaler called the catastrophes "extremely powerful" and said Swiss Re "can support our clients when they need us most."

Zurich Insurance on Thursday said the three hurricanes would trigger claims of around $US700 million in the third quarter, net of reinsurance and before tax.

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