AIG predicts USD 3.1 billion in Q3 pretax losses after recent hurricanes and earthquakes

American International Group (AIG) announced it expects to record insurance losses of roughly USD 3 billion during the third quarter from the recent hurricanes and earthquakes.

The company said that it expects to record pre-tax catastrophe losses between USD 2.9 billion and USD 3.1 billion (USD 1.9 billion to USD 2.0 billion after-tax) during the quarter because of recent hurricanes (Harvey, Irma and Maria) and the losses from Mexico earthquakes: "This amount includes pre-tax estimated losses of USD 1.1 billion to USD 1.2 billion from Hurricane Harvey, USD 1.0 billion to USD 1.1 billion from Hurricane Irma, USD 600 million to USD 700 million from Hurricane Maria, and approximately USD 150 million in additional catastrophe losses including Mexico earthquakes".

"During this period of unprecedented catastrophes, our thoughts are with all who are affected by these storms. We are actively ensuring the safety and support of AIG employees, who acted selflessly to serve their colleagues, clients, and communities. Through AIG's financial strength and long experience with natural catastrophes, our teams across the company have reacted quickly to provide our clients with the claim funds, resources, and expertise they need to recover and rebuild with greater resilience. We are proud of our response as a member of the industry and as a corporate citizen during this time of need", said .Brian DUPERREAULT, President and Chief Executive Officer.

Related articles

SCOR completes the acquisition of MutRe

French reinsurer SCOR said it has successfully completed its 100% acquisition of mutual reinsurer - MutRe S.A. SCOR has been a 33% shareholder and a major technical and commercial partner of MutRe since the company was created in 1998.

2018-01-17

A.M. Best affirms credit ratings of AXA Global Re

A.M. Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa-" of AXA Global Re (AGRe) (France). The outlook of these Credit Ratings (ratings) remains stable.

2018-01-11

ON THE MOVE

AIG appoined former CIA attorney as General Counsel

American International Group (AIG) announced that Caroline KRASS will join the company as Senior Vice President and General Counsel, General Insurance, and Deputy General Counsel, AIG, effective in March 2018.

13.02.2018

TOP EVENT

"Insurance and Pensions reloaded" - the 7th EIOPA Annual Conference

The 7th EIOPA Annual Conference takes place today in Frankfurt am Main, Germany. A review of the current supervisory covergence issues and of the prospects of the Pan European Personal Pension Product are on the event's agenda, together with analyzing the ways in which regulation may enable innovation.

22.11.2017

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

See all