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AIG expects Q3 cat losses to reach $3bn

Published in: Risk, Risk management, Cat risk, US - Canada - Bermuda

Companies: AIG

AIG is expecting to report third quarter pre-tax catastrophe losses, net of reinsurance, of $2.9bn-3.1bn ($1.9bn-2.0bn after-tax).

The insurer has suffered significant losses from hurricanes Harvey ($1.1bn-1.2bn), Irma ($1.0bn-1.1bn), Maria ($600m-700m), and approximately $150m in additional catastrophe losses including Mexico earthquakes.

AIG warned these forecasts involve “the exercise of considerable judgment” and its ultimate losses may differ materially from these estimates.

The anticipated losses are the largest to be revealed by any re/insurer to date.

Christopher Cundy