Insurer AIG predicts $3 billion in losses from catastrophes

Insurer AIG predicts $3 billion in losses from catastrophes”

Losses from Hurricane Maria and other recent natural disasters, including hurricanes Irma and Harvey, the Mexico City quake and other events, have led global insurers and reinsurers to issue profit warnings. (AIG) is expecting to suffer a loss in a range from $2.9 billion to $3.1 billion from third-quarter catastrophes, pre-tax but after taking into account its reinsurance arrangements.

Breaking down the expected losses, AIG said $1.1bn to $1.2bn in pre-tax losses would stem from Hurricane Harvey.

Despite the fact that AIG placed a $1.0bn back-up reinsurance cover around the time of Hurricane. The Mexico earthquakes were included in an additional $150 million in additional catastrophe losses it faced in the quarter.

Insurers and reinsurers are counting the costs of Harvey, which lashed Texas causing flooding that put it on the scale of Hurricane Sandy in 2012 and Irma, one of the most powerful Atlantic storms on record, which ravaged several islands in the northern Caribbean, before moving into Florida's Gulf Coast. It expects insured losses of about $520 million from Harvey and $640 million to $760 million from Irma after tax.

The companies cautioned that actual losses may vary materially from the preliminary estimates. "The loss estimate includes Lancashire's exposures through its Bermuda, UK and Lloyd's operations and in respect of the Company's participation within the Kinesis third party capital facility".

Morgan Stanley (NYSE: MS) analysts projected a net loss of $2.5 billion.

But AIG shares were plummeting already prior to the hurricanes.

Bermudian-based Validus Holdings estimates that its net losses in the third quarter due to the hurricanes and earthquakes, net of reinsurance and a number of other factors, will be $378.9 million.

Global insurer American International Group, Inc.

AIG has previously reported a net loss this significant previously.

SCOR French reinsurer Scor estimated a 430 million-euro ($506.45 million) impact from hurricanes Harvey, Irma and Maria and the Mexico natural disaster. AIG shares fell almost 12 percent from its third quarter earnings on August 2 and going into Hurricane Irma.

Lancashire's warning follows a host of similar announcements from insurers and reinsurers.

Insurers and reinsurers are counting the costs of the hurricanes that tore into parts of the USA, while ravaging several islands in the northern and eastern Caribbean.

Like this



11 October 2017
CBS clarifies statement on whether Colin Kaepernick would stand for national anthem
Later on Twitter, La Canfora doubled down on his reports that Kaepernick is working hard to return to the NFL . Kaepernick was not worked out and the Titans reportedly did not have interest in him.

11 October 2017
Tom Brady reportedly has sprained AC joint in non-throwing shoulder
Though Brady always prefers to practice, giving him a maintenance day also has its benefits. I just do the best I can do. "So that's really where it starts for me".

11 October 2017
No You Won't Get a Free Kinect Adaptor With Xbox One X
As you may remember, back in August 2016, Microsoft launched the Xbox One S, the slimmer and improved version of the Xbox One. Of course, Penello didn't mean Microsoft won't ever bring VR to the Xbox One X.

11 October 2017
The Value of Micron Technology, Inc. (NASDAQ:MU) Underpriced or Overpriced?
Currently, 882.22 million total shares are owned by the public and among those 880.95 million shares have been available to trade. It has underperformed by 16.70% the S&P500.The move comes after 8 months positive chart setup for the $1.50 billion company.

11 October 2017
Google uncovers ads by Russian operatives
Google, which runs the world's largest online advertising business, had largely evaded public or congressional scrutiny until now. The Washington Post reports that Google found the Russian links to ads on its platforms by using data from Twitter accounts.

11 October 2017
CBS Sports Corrects Report On Whether Colin Kaepernick Would Stand For Anthem
Speaking on Sunday evening, CBS's Jason La Canfora stated that Kaepernick is desperate to return to any team that will have him. In football, kneeling when the ball is hiked stops the play and clock.

11 October 2017
Cardi B's "Bodak Yellow" Makes Another Hip-Hop Milestone
With this feat, the Bronx-bred MC now has the longest running number one solo song by a female rapper in history. In this case, "solo" means "unaccompanied by any other artists".

10 October 2017
English Giants Willing To Pay €400m For Lionel Messi In January
With Real Madrid becoming increasingly powerful, they will need the maestro to guide them in the battle against their arch-rivals. Former Argentina striker Mario Kempes believes that only Maradona fans will be happy if Lionel Messi does not make the World Cup.

10 October 2017
Fabio Rochemback: former Barcelona player arrested for involvement in cock fighting
He also played for Sport Club Internacional, Barcelona and Sporting Lisbon, before joining Middlesbrough in August 2005. Juarez Rochemback told Globo Esporte: "Fabio was with me at the farm in Soledade, but now he's back in Porto Alegre".

10 October 2017
Activision Blizzard's (ATVI) Buy Rating Reaffirmed at Stifel Nicolaus
It offers hosted or Software as a Service (SaaS) solutions, as well as software created to run on-site at the customer's location. Activision Blizzard, Inc. (ATVI ) has the market capitalization of $45.85 Billion. (NASDAQ: ATVI ) rating on Monday, July 27.