Insurance news from Zurich shows a massive $700 million superstorm bill

Insurance news losses
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Insurance news lossesThe European insurer has released the figures relating to its claims from Sandy.

Zurich has just released its latest insurance news by becoming the most recent insurer to have connected its figures to the damage caused by Hurricane Sandy, reporting that it is expecting that its net claims will reach approximately $700 million.

These predictions are following closely on the heels of the figures release made by AIG.

The numbers that were issued by AIG had forecasted that the storm would have generated post-tax net losses of approximately $1.3 billion. Similarly, there is a pre-tax claims cost of approximately $900 million expected by Swiss Re. That insurer released an insurance news statement that said that it felt that the industry would be paying out somewhere between $20 billion and $25 billion

Analysts are releasing insurance news reports that totals are coming in higher than predicted.

A Mediobanca analyst, Marc Thiele, made an insurance news statement that said that “The storm loss estimates of US insurers in recent weeks came in above $1bn, so while Zurich’s figure is about $200m more than expected, there is a degree of relief that it isn’t in the same ballpark as its American peers.”

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Zurich had released its insurance news estimates, which included $40 million connected to its Farmers Re business, which had to do with the reinsurance coverage for the growers’ exchanges. The insurer said that those pre-tax losses would also be added to its results for the fourth quarter of 2012.

Furthermore, the latest Zurich Insurance news has stated that the company would be required to pay approximately $58 million in fees to its reinsurers so that it would be able to reinstate next year’s coverage. This was required because the losses that were created by the superstorm took the insurer past its threshold for reinsurance.

Zurich is the largest insurer in Switzerland, in terms of its collected premiums, and its insurance news announcement explained that it started to make its payments to its policyholders on November 5, less than a week after the storm had struck. Chief executive of the insurer, Martin Senn, said that “This storm has shown us once again how powerful natural forces can be and what risks they pose.”

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