Zurich Insurance Group (Zurich) announced today that, based on preliminary estimates, it expects aggregate losses of approximately USD 275 million related to storms Desmond, Eva and Frank in the UK and Ireland.
These estimates are net of reinsurance and before tax and will be recorded in the Groupâ€™s annual results, which are due to be released on February 11, 2016. While these amounts represent Zurichâ€™s current best estimate of the cost for the above events, the nature of many of the losses and the extended remediation period to complete repairs means that the final cost remains uncertain.
Zurich said that it is expecting its General Insurance business to record a business operating loss in the fourth quarter 2015. Their statement added:
“While the 2015 results for General Insurance are disappointing, operating performance for both Farmers and Global Life should be in line with expectations, and the Groupâ€™s capital position remains very strong across all key metrics”.