Global: Reinsurer estimates $1.3bn in claims from hurricane Ian
Source: Middle East Insurance Review | Nov 2022
Swiss Re estimates its preliminary claims from hurricane Ian at approximately $1.3bn, resulting in an expected group net loss of approximately $500m for 3Q2022. While the 2022 target of 10% group ROE is unlikely to be reached given the impact from Nat CATs, Russia president Vladimir Putin’s invasion of Ukraine and financial market volatility, the group remains confident in the mid-term outlook and committed to its 2024 profitability goals, a statement issued by Swiss Re said.
Hurricane Ian made landfall in western Florida on 28 September 2022 as a category 4 hurricane. Swiss Re estimated the preliminary total insured market loss from hurricane Ian at $50–65bn.
The foregoing estimates are subject to uncertainty and may need to be subsequently adjusted as the claims notification and assessment process continues, Swiss Re said.
L&H Re and Corporate Solutions remain on track to achieve their respective 2022 targets of approximately $300m net income and a reported combined ratio of less than 95%. P&C Re’s reported and normalised combined ratios were affected in the third quarter by an increase in small- to mid-sized claims, partly driven by economic inflation.
As a result, the business is unlikely to reach its normalised combined ratio target of less than 94% in 2022. Swiss Re maintains its very strong capital position, with group SST ratio of 274% as of 1 July 2022. M