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FACTBOX-Insurers and reinsurers count the costs of recent hurricanes, quakes

Tue 10th October, 2017 10:51am
(Adds AIG, Validus) 
    Oct 10 (Reuters) - Losses from Hurricane Maria and other 
recent natural disasters, including hurricanes Irma and Harvey, 
the Mexico City earthquake and other events, have led global 
insurers and reinsurers to issue profit warnings. 
    Below are statements from insurers and reinsurers in the 
wake of the catastrophes (in alphabetical order): 
    
AIG 
American International Group Inc  AIG.N  said it expected to 
book pre-tax catastrophe losses of about $3 billion in the third 
quarter mainly related to hurricanes Harvey, Irma and Maria.  
    The company estimated pre-tax losses of about $1 billion 
each from Harvey and Irma, up to $700 million from Maria and 
additional catastrophe losses, including earthquakes in Mexico, 
of about $150 million.  urn:newsml:reuters.com:*:nL4N1MK37B   
     
ALLSTATE 
Allstate Corp  ALL.N , the second-largest U.S. homeowners' 
insurer based on premiums collected, estimated pre-tax 
catastrophe losses of $593 million, net of reinsurance 
recoveries, for August.  urn:newsml:reuters.com:*:nPn57RJ6Da 
         
BEAZLEY 
Lloyd's of London insurer Beazley  BEZG.L  said losses from 
hurricanes Harvey, Irma and Maria and a series of earthquakes in 
Mexico would reduce its 2017 earnings by about $150 million. 
 urn:newsml:reuters.com:*:nL8N1MA0WE 
     
CHUBB 
U.S. property and casualty insurer Chubb Ltd  CB.N  estimated 
after-tax losses of up to $1.28 billion from hurricanes Harvey 
and Irma. It expects insured losses of about $520 million from 
Harvey and $640 million to $760 million from Irma after tax. 
 urn:newsml:reuters.com:*:nL4N1M859I 
    The world's largest listed property and casualty insurer 
estimated the maximum net insurance and net reinsurance losses 
related to Hurricane Maria would be about $200 million after tax 
for the third quarter.  urn:newsml:reuters.com:*:nL4N1MD3AF   
     
HANNOVER RE  
German reinsurer Hannover Re  HNRGn.DE  said it could miss its 
2017 profit target because of claims from the natural disasters, 
its first such warning since the 2008 financial crisis. 
 urn:newsml:reuters.com:*:nL5N1M20OF  urn:newsml:reuters.com:*:nFWN1M10WC 
     
HCI GROUP 
HCI Group's  HCI.N  principal operating subsidiary, Homeowners 
Choice Property & Casualty Insurance, a provider of home 
insurance in Florida, issued a preliminary estimate indicating 
its losses related to Hurricane Irma would be $100-$300 million. 
 urn:newsml:reuters.com:*:nASB0BJXM  
     
HISCOX 
Lloyd's of London underwriter Hiscox Ltd  HSX.L  estimated it 
would face net claims totalling about $225 million from Harvey 
and Irma.  urn:newsml:reuters.com:*:nL8N1MD0TH  urn:newsml:reuters.com:*:nL5N1LZ1LH 
     
LANCASHIRE 
Lancashire Holdings  LRE.L  said it estimated that its losses 
from hurricanes in the Caribbean and southern United States and 
earthquakes in Mexico would be between $106 million and $212 
million.  urn:newsml:reuters.com:*:nFWN1MJ02O 
     
LLOYD'S OF LONDON  
Lloyd's of London  SOLYD.UL  expects net losses of $4.5 billion 
from hurricanes Harvey and Irma, which analysts said would eat 
into the insurer's capital and hit its profitability. Lloyd's 
80-plus syndicates have already paid out more than $160 million 
in claims from Harvey and more than $240 million from Irma. 
 urn:newsml:reuters.com:*:nL8N1M9173 
     
MAIDEN HOLDINGS  
Maiden Holdings Ltd  MHLD.O  said it expected a net impact from 
Harvey on its third-quarter results of $6-$18 million and $2-$13 
million from Irma.  urn:newsml:reuters.com:*:nFWN1M90M3  
     
MAPFRE  
Spain's Mapfre SA  MAP.MC  said the size and frequency of 
hurricanes in the Caribbean and earthquakes in Mexico would 
imply a net cost of between 150-200 million euros on its 
attributable result for the year.  urn:newsml:reuters.com:*:nFWN1M60SZ  urn:newsml:reuters.com:*:nL8N1M65LG 
     
MS&AD INSURANCE 
Japan's MS&AD Insurance Group Holdings Inc  8725.T  estimated up 
to 110 billion yen ($978.73 million) in incurred losses related 
to the hurricanes and earthquakes in the Americas and said it 
was reviewing its FY2017/18 earnings forecasts.  urn:newsml:reuters.com:*:nL4N1MH1G9 
     
MUNICH RE 
Germany's Munich Re  MUVGn.DE  warned it could miss its profit 
target this year, the first major reinsurer to flag a hit to 
earnings from damage caused by hurricanes Harvey and Irma. 
 urn:newsml:reuters.com:*:nL5N1LU5WO 
     
PROASSURANCE CORPORATION  
Proassurance Corp  PRA.N  estimated net pretax losses from 
hurricanes Harvey, Irma and Maria to be about $7.5 million. 
 urn:newsml:reuters.com:*:nFWN1MD0DR 
     
QBE INSURANCE GROUP  
Australia's biggest insurer, QBE Insurance Group  QBE.AX , 
revealed a $600 million earnings hit on its business from 
hurricanes in the Atlantic and earthquakes in Mexico. 
 urn:newsml:reuters.com:*:nL4N1MD4Z5 
 
RENAISSANCERE 
RenaissanceRe Holdings Ltd  RNR.N  said its initial estimates 
pointed to $625 million of "net negative impact" from hurricanes 
Harvey, Irma and Maria and the Mexico City earthquake. 
 urn:newsml:reuters.com:*:nBw8gZQjwa  urn:newsml:reuters.com:*:nFWN1MF0GN      
 
RLI CORP  
Specialty insurer RLI Corp  RLI.N  said it expects third-quarter 
pretax losses of $30-$40 million from Harvey and Irma, net of 
reinsurance.  urn:newsml:reuters.com:*:nASB0BL07 
     
RSA INSURANCE 
British motor and home insurer RSA  RSA.L  said its UK business 
would see catastrophe losses from the U.S., Caribbean and 
Mexico, impacting September results in the marine and 
international portfolios.  urn:newsml:reuters.com:*:nFWN1M60PX  
     
SCOR 
French reinsurer Scor  SCOR.PA  estimated a 430 million-euro  
($506.45 million) impact from hurricanes Harvey, Irma and Maria 
and the Mexico earthquake.  urn:newsml:reuters.com:*:nFWN1MJ02B  
    Scor had said earlier that hurricanes Harvey and Irma were 
expected to count as an earnings event rather than a capital 
event in the third quarter.  urn:newsml:reuters.com:*:nFWN1M70K8 
     
TALANX 
German insurer Talanx  TLXGn.DE  warned it may miss its profit 
target for 2017 as its reinsurer Hannover Re is being hit by 
major claims from a series of hurricanes and an earthquake in 
Mexico.  urn:newsml:reuters.com:*:nFWN1M10WD  
     
VALIDUS 
Insurer and reinsurer Validus Holdings Ltd  VR.N  estimated net 
losses from hurricanes Harvey, Irma and Maria and the Mexico 
City earthquake of $412.7 million.  urn:newsml:reuters.com:*:nBw7wpcfwa   
     
ZURICH INSURANCE GROUP 
Zurich Insurance Group  ZURN.S  said that Farmers Re faced a hit 
of no more than $20 million in the second half from catastrophes 
such as hurricanes Irma and Harvey.  urn:newsml:reuters.com:*:nFWN1ME0K5   
 
($1 = 0.8490 euros) 
($1 = 112.3900 yen) 
 
 (Compiled by Noor Zainab Hussain in Bengaluru; Editing by Greg 
Mahlich and Louise Heavens) 
 ((noor.hussain@thomsonreuters.com; Within UK +44 20 7542 1810; 
Outside UK +91 80 6749 2764; Reuters Messaging: 
noor.hussain.thomsonreuters.com@reuters.net)) 
 
Keywords: INSURANCE CATASTROPHE/OUTLOOK
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