Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Top Story

US insurer AIG sees up to $2 bn losses from 3Q disasters

The Group expects a $2 billion hit in the third quarter from a trio of major hurricanes in the Americas and a catastrophic Mexican earthquake

New YorkUnited States, Oct 10 – American International Group expects a $2 billion hit in the third quarter from a trio of major hurricanes in the Americas and a catastrophic Mexican earthquake, the insurer said Monday.

AIG estimated pre-tax losses of between $2.9 billion and $3.1 billion, with the breakdown of above $1 billion each for Hurricanes Harvey and Irma, $600-$700 million from Hurricane Maria and $150 million from other events, including the Mexican earthquake.

Those are the expected losses to AIG following reinsurance claims. AIG estimated the impact after taxes at $1.9 to $2.0 billion.

The estimate includes the toll of biblical-scale flooding in Houston in Hurricane Harvey, repeat battering of the Caribbean with Irma and Maria and the Mexico calamity that claimed more than 360 lives.

AIG chief executive Brian Duperreault said the array of catastrophes marked an “unprecedented” period of disaster.

“Through AIG’s financial strength and long experience with natural catastrophes, our teams across the company have reacted quickly to provide our clients with the claim funds, resources and expertise they need to recover and rebuild with greater resilience,” he said.

AIG said the figures were preliminary and that the final number could be significantly different.

Shares of AIG fell 1.2 percent to afterhours trading to $61.05.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...