Three more reinsurers released their initial loss estimates from third quarter natural catastrophes, which include Hurricanes Harvey, Irma and Maria and the Mexico City earthquake.
- PartnerRe Ltd. estimates combined catastrophe losses of approximately $475 million (pre-tax, net of retrocession and reinstatement premiums) from its exposure to hurricanes Harvey, Irma and Maria for Q3 2017.
- RenaissanceRe Holdings Ltd. anticipates an initial estimated net negative impact of $625 million from Hurricanes Harvey, Irma and Maria and the Mexico City earthquake.
RenRe estimates that losses from Hurricanes Harvey and Irma will have a net negative impact of approximately $225 million and $175 million, respectively, on its third quarter 2017 results of operations. In addition, the company currently estimates that the combined losses from Hurricane Maria and the Mexico City earthquake will have a net negative impact of approximately $225 million on its third quarter 2017 results.
- Third Point Re said its net losses from recent catastrophe events are expected to be less than $10 million. “Third Point Re does not write any catastrophe excess of loss contracts and had only modest losses from the recent catastrophe events,” commented Rob Bredahl, president and chief executive officer of Third Point Re. He noted that the industry’s losses could exceed $100 billion.
Source: PartnerRe, RenaissanceRe & Third Point Re
- UPDATE: Global Re/Insurers Estimate Price Tag of Q3 Hurricanes & Earthquakes