Ace president and chief executive Evan Greenberg has said that preliminary estimates indicate total net losses for the entire Ace group of companies will be approximately $450m to $550m after-tax.

Greenberg said: "Due to the size and complexity of the storm and flooding, total covered losses for the insurance industry remain hard to predict, although it is clear that losses will be widespread and affect all areas of the industry. Ace will not know exact losses with certainty for some time to come."

Topics