From RJR Website

One of the world’s biggest insurance firms has said it will take a loss in the third quarter because of hurricanes Harvey, Irma and Maria.

 

Munich Re expects the hurricanes that ravaged parts of the US and the Caribbean to cost it US$3.6 billion owing to major loss expenditure.

 

The firm, which insures other insurance companies, said estimates were “still fraught with considerable uncertainty”.

 

The insurer now projects a “small” profit for 2017 because of the claims.

 

Joerg Schneider, chief financial officer of Munich Re, said high losses from severe natural catastrophes are part and parcel of the company’s business