Swiss Re has reported a group net loss of $468 million for the first nine months of 2017 following expected claims of $3.6 billion from hurricanes Harvey, Irma and Maria and the Mexico earthquakes.
The company’s Property and Casualty Reinsurance reported a net loss of $652 million and Corporate Solutions a $762 million net loss, following the recent natural catastrophe events.
Gross written premiums declined 5.1% to $26.7 billion and the company generated an annualized return on equity (ROE) of -1.9%, for the first nine months of the year.
Christian Mumenthaler, Group Chief Executive Officer, said: "The severe natural catastrophes we have experienced so far this year have clearly impacted our results.
“At the same time, we are able to absorb these losses and join forces with our clients to help affected people and businesses in getting back on their feet. This shows that our strategy to ensure superior capitalization at all times is paying off.”