Sompo International has posted a net loss of $146 million for the first quarter of the financial year, mainly due to large natural catastrophe losses, lower investment income, and yen appreciation. The company’s adjusted profit slumped to $49 million in Q1, compared with $82 million over the same period last year.
Global insurance and reinsurance group Everest Re has pre-announced an expectation of a $215 million catastrophe loss hit and a further $50 million hit from its crop reinsurance book in the fourth-quarter of 2019. Ahead of its results, Everest Re has joined the group of companies pre-warning of the expected hits to the final quarter of the year.
U.S. and global primary insurance carrier and reinsurance company Chubb has announced an expected fourth-quarter pre-tax and net of reinsurance hit of $430 million from catastrophe losses and an additional $23 million of losses from U.S. agricultural lines which were hit be weather-related poor growing conditions.
Economic losses from Florence were driven by a combination of both direct and indirect damages, with losses to businesses, housing and agriculture driving approximately 80% of the total loss estimate, according to the report. The impact on businesses and non-profits in North Carolina is currently estimated at around $5.7 billion, with over 3,800 properties incurring water damage and more than 23,000 incurring wind damages.
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