Zurich Insurance Group has estimated aggregate claims net of reinsurance of around $700 million for Storm Sandy, which made landfall in the US on 29th October.
The sum includes $40 million relating to Farmers Re regarding reinsurance cover provided to the Farmers Exchanges, which are managed but not owned by a subsidiary of Zurich.
In addition, the insurer has made an estimate for reinstatement premiums due on reinsurance covers of $58 million.
The pre-tax total will appear in Zurich’s results for the fourth quarter 2012, to be released on 14th February 2013 as part of its annual results.
Chief executive officer, Martin Senn, comments “Zurich’s strong balance sheet, healthy cash flows and risk expertise enable us to be there for our customers when they need us and to deliver on our promise.”