The Swiss reinsurer warned investors that it faces unusually high damage claims in the third quarter. Natural catastrophes as well as man-made damages will eat into Swiss Re's profits.
A typhoon in Japan, a hurricane in the U.S., a storm in Canada and wildfires in California: Swiss Re faces higher-than-expected damages in the current quarter, the company said in a statement on Thursday.
Man-made disasters like the collapse of a motorway bridge in Genoa as well as a shipyard fire in Germany compounded the natural catastrophes. All told, Swiss Re said it expects $1.4 billion in damages, of which $300 million are from the man-made disasters.
While this represents a high quarterly hit from damages, Swiss Re said the tallied nine-month losses are «broadly in line with year-to-date expectations». The reinsurer, which was in talks with Softbank over a tie-up which foundered earlier this year, reports full results on November 1.
