Zurich has announced the extent of its exposure to catastrophic events in 2004.
It forecast that tsunami claims and a rise in hurricane claims will impacts its fourth quarter income by $185m.
It estimated its net losses arising from the Asian tsunami to be $65m after tax and net reinsurance.
The aggregate amount of expected claims net of reinsurance and before tax is approximately $90m, said Zurich.
The company has also revised its estimate of expected claim costs arising from the 2004 hurricane season. It forecast that claims would amount to between $400m and $520m after tax and net reinsurance.
Zurich said the revised claims arise from “modelling the unusual sequence of storms, striking the same area more than once and causing flooding losses in addition to wind damage.”
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