Swiss Re has estimated $1bn of losses for natural catastrophe claims in Q4 2018, with Hurricane Michael and California's Camp and Woolsey wildfires in the US expected to cost the insurer $150m and $375m in claims respectively. Swiss Re has estimated its preliminary combined claims burden from recent natural catastrophes booked in the fourth quarter of 2018 at approximately $1.0 billion, net of retrocession and before tax, mainly affecting the reinsurance operations. The company said it was working closely with insurers on a "comprehensive disaster recovery plan" that would include providing insurance coverage for those affected by future disasters. Meanwhile, man-made catastrophes, including a large industrial fire in Germany, the Ituango dam flooding and a satellite loss, cost the company around $300m.
Swiss Re has estimated $1bn of losses for natural catastrophe claims in Q4 2018, with Hurricane Michael and California's Camp and Woolsey wildfires in the US expected to cost the insurer $150m and $375m in claims respectively. The company said it was working closely with insurers on a "comprehensive disaster recovery plan" that would include providing insurance coverage for those affected by future disasters. Meanwhile, man-made catastrophes, including a large industrial fire in Germany, the Ituango dam flooding and a satellite loss, cost the company around $300m.