Swiss Re issues warning over hurricane claims
AFP, November, 2005
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GENEVA (AFP) — Swiss Re, the world's second-biggest reinsurance company, warned that its earnings would be hit by the unsually savage hurricane season in the United States and Caribbean, after it received damage claims totalling about two billion dollars.
The company announced in a statement that it expected to deal with 750 million dollars (900.0 million euros) in claims for damage caused by hurricanes Rita and Wilma in the United States and the Caribbean in September and October.
Swiss Re estimated more than one month ago that it would already be dealing with about 1.2 billion dollars in claims from Hurricane Katrina, which led to devastating floods in the US city of New Orleans in August.
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A company spokesman repepated on Wednesday that earlier estimate for claims arising from Katrina.
The reinsurer said that it would not meet one of its financial targets for 2005, an ...
