Swiss Re reported a third-quarter loss of $442 million driven by claims tied to the damage from hurricane Ian, and signaled that renewal prices would jump next year.
The Zurich-based reinsurer’s key unit saw $2.5 billion in claims related to large catastrophes including the storm which hit Florida last month, it said in a statement on Friday. It set aside an extra $700 million in reserves over the past twelve months to cover the impact inflation.
Reserves for hurricane Ian are adequate to cover any new claims that come in the fourth quarter, Chief