Swiss Re estimates 3Q Nat Cat claims burden at ~USD 1.1 billion with large man-made catastrophes reaching ~USD 300 million
Claims from Typhoon Jebi are expected to reach USD 500 million, while claims burden from Hurricane Florence is expected to be USD 120 million. Additional natural catastrophes, mainly in Japan (including torrential rains/floods and Typhoon Trami) and North America (such as the Carr Wildfire in California and a windstorm in Ontario) aggregate to another USD 500 million in large losses for Swiss Re in the third quarter. Several large man-made disasters, including the motorway bridge collapse in Genoa, are expected to generate approximately USD 300 million in claims for the quarter, which is expected to be distributed relatively equally between the Reinsurance and Corporate Solutions business units.
Swiss Re reported that the claims come predominately from weather-related losses in Japan. While the third quarter burden is large for an individual quarter for the reinsurer, the cumulative losses for the first nine months are broadly in line with year-to-date expectations. Catastrophes in 1H2018 resulted in total global economic losses of USD 36 billion, which was significantly below the costly 1H2017 total of USD 64 billion and also less than the usual half-year average.