Hurricanes, earthquakes estimated to cost industry $95B

By on October 20, 2017


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 $95 billion. (Photo: Swiss Re/Twitter)
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 $95 billion. (Photo: Swiss Re/Twitter)

GENEVA — 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 $95 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 $3.6 billion, including $175 million for the Mexico earthquakes alone.

A company statement 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.”