(by Fiona Mitchell)
The Swiss insurance group Zurich Financial Services said it will pay around $525 million for hurricane losses that stroke the U.S. recently.
The company also unveiled its estimated after tax and net of reinsurance accounting for $400 million totally.
“As a group, it is our job to build the quality of earnings and balance sheet strength to be in a position to absorb the cost of claims payments arising from catastrophe events such as these,” James Schiro, chief executive officer.
Total payments for four hurricanes may surpass those of Andrew and account for at least $20 billion.