Zurich Insurance Group expects a net $550 million pre-tax hit from Hurricane Ian, it said on Thursday, though it remains on track to beat its 2020-2022 financial targets, helped by premium rate rises.
Insurers face potential losses of up to $60 billion from Hurricane Ian, which ravaged Florida and the Carolinas in September in what could be the second-largest natural catastrophe loss in U.S. history.
Climate change is contributing to greater losses for insurers from natural catastrophes.
Zurich holds an investor day next week when it will set out its 2023-2025 targets.
Zurich reported property and casualty premiums rose 8% to $33.5 billion in the first nine months, a gain of 13% on a like-for-like basis.
Source: Investing.com
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